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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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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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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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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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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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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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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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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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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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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