Many couples, especially those who have been married more than once, have accounts and property that they consider as yours, mine, and ours. Developing an estate plan to determine what happens to accounts and property that belong to one or the other partner in a couple and the account and property that belong to both […]
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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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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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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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While it is common for parents to make plans to support their family if a working parent is injured, incapacitated, or dies, it is also important to make plans in case these same circumstances happen to the stay-at-home parent. Stay-at-home parents make valuable non-financial contributions that would be expensive to replace. Do you have plans […]
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