Owning real estate incurs liability

OWNING REAL ESTATE: THE LIABILITY AND PROTECTION OPTIONS

Gabriel Katzner - August 18, 2022 - Estate Planning

Real estate can refer to your primary residence, but it can also include a vacation home or rental property. Below, we take a look at the different types of real estate and make suggestions about the best form of ownership for each. Primary Residence A primary residence receives special tax treatment, so you’ll need to […]

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Man at his computer drinking coffee and doing business with his social media

FIVE QUESTIONS TO ASK IF YOUR BUSINESS INVOLVES SOCIAL MEDIA

Gabriel Katzner - August 10, 2022 - Estate Planning

For some people, social media is a way to share content, opinions, and ideas. For others, social media is their business. If social media makes up a large part of your business model, here are five questions to ask yourself to ensure your online business is fully protected. Are you treating your online business like […]

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Tax form, magnifying glas, glasses, pen and wooden blocks reading estate planing

HOW MARRIED COUPLES REDUCE FEDERAL ESTATES TAXES

Gabriel Katzner - August 1, 2022 - Estate Planning

HOW THE CLAYTON ELECTION AND DISCLAIMER OPTIONS HELP MARRIED COUPLES REDUCE FEDERAL ESTATES TAXES Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2022 exemption amount for an individual is $12.06 million. However, current law reduces the exemption to $5 million (adjusted for inflation) […]

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clear street with surrounding homes clear skies and a beautiful neighborhood

QUALIFIED PERSONAL RESIDENCE TRUST

Gabriel Katzner - July 26, 2022 - Estate Planning

Why you might need This Trust in the Future? According to the Internal Revenue Service, an estate tax is a tax on your right to transfer your property upon your death. The combined estate and lifetime gift tax limit for 2022 is $12,060,000, a very generous amount when compared to 2004-2005, which was $1,500,000. This […]

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House with a For Sale sign in the front

REAL ESTATE DEEDS USED WHEN FUNDING YOUR TRUST

Gabriel Katzner - July 19, 2022 - Trust Administration

When using trusts in your estate plan, it is essential to fund the trust. Transferring your real estate from personal ownership to the Trust is essential to avoid the expensive and time-consuming probate process. To retitle your real estate in the trust’s name involves recording a deed with the local recording authority. Retitling your real […]

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Dad and children looking at the trusts improvements made accordingly to their needs

COMMON TRUSTS: IMPROVEMENTS TO CHILDREN’S NEEDS

Gabriel Katzner - July 12, 2022 - Trust Administration

Parents want to ensure that their children feel that they are all treated fairly and feel equally valued. However, the reality is that all children do not need the same amount of financial help, especially in different phases of their lives. Parents may want to divide their property and accounts equally among their children in […]

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Grand Parents, parents and grandchildren sitting on a grass field

FAFSA FORM CHANGE: GREAT NEWS FOR GRANDPARENTS

Gabriel Katzner - July 5, 2022 - Estate Planning

In the past, grandparents may have hesitated to leave their grandchildren a gift of a 529 college savings plan because it had the potential to reduce student aid eligibility. Good news! Recent changes to the Free Application for Federal Student Aid (FAFSA) forms mean that distributions from grandparent-owned 529 plans will not count towards a […]

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Couple going through their assets and will their with an attorney

The Importance Of A Statement Of Intent In A Trust

Gabriel Katzner - June 28, 2022 - Trust Administration

Your reason or intent for creating a trust can have significant legal ramifications. And like all intents, to maintain clarity, it is best to put it in writing as a statement. This statement helps ensure your trustee understands why you have chosen to establish a Trust and provides guidelines on managing it. The statement of […]

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why a trust might terminate?

REASONS WHY A TRUST MIGHT TERMINATE

Gabriel Katzner - June 27, 2022 - Estate Planning

At some point a trust might terminate . While trusts can stretch across generations and keep money and property within a family, no trust has unlimited funds or will last an unlimited amount of time. A trust might terminate because: The trust has accomplished its intended purposes. It is no longer economically feasible to have […]

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Stack of million dollars

When Your Gifts Cost You Unexpected Penalties

Gabriel Katzner - June 21, 2022 - Estate Planning

The federal tax code is very specific about how much you are allowed to gift others in any given year or over a lifetime. If you go over that amount, you, the giver, get an unwanted gift from the Internal Revenue Service (IRS) in the form of a gift tax. However, not every gift is […]

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