Request your Consultation
Posted in Firm News on May 11, 2018
S – “S” stands for SPENDTHRIFT TRUST PROVISION. A SPENDTHRIFT TRUST PROVISION allows the creator of a trust (“Settlor”) to create a trust (SPENDTHRIFT TRUST) for a beneficiary so that the assets in that SPENDTHRIFT TRUST are secure against creditors of the beneficiary. This is often times utilized by parents who are concerned that money… (Keep reading)
Posted in Firm News on May 7, 2018
P – “P” stands for PROBATE, which is the legal process by which property passes from a deceased individual to his or her heirs. Unfortunately, the PROBATE process can take months, and even years (depending on the size of the estate and the number of challenges by potential heirs), and can be very costly, with… (Keep reading)
Posted in Firm News on May 3, 2018
M – “M” stands for MARRIAGE. Perhaps more than any other single factor, MARRIAGE, RE-MARRIAGE, and DIVORCE (See, DIVORCE, above) can have a significant impact on the amount of taxes owing on an estate. Under current tax law, a married couple can leave a combined estate of $22,400,000 and not be subject to estate tax…. (Keep reading)
Posted in Firm News on April 26, 2018
J – “J” stands for Joint Ownership. A married couple who lives in a community property state will enjoy a step up in basis for a home they own jointly. For example, if a couple pays $100,000 for a home, and when the first spouse dies, it is worth $200,000, the living spouse’s new basis… (Keep reading)
Posted in Firm News on April 12, 2018
G-“G” stands for GENERATION SKIPPING TAX. When a person dies and transfers their assets to their heirs (traditionally, their children ) the government imposes a tax on that transfer, something usually called an estate tax. Those children would then later transfer some or all of those assets to their children. When this occurred, there would… (Keep reading)
Posted in Firm News on April 4, 2018
D- “D” stands for DIVORCE, which can play an important role in estate planning, especially if there are stepchildren. See, Q tip in coming posts. E-“E” stands for ESTATE and EIN. The value of the assets in your ESTATE when you pass away will determine how much your ESTATE will owe in taxes. Removing assets… (Keep reading)
Posted in Firm News on March 29, 2018
A- “A” stands for ASSETS that will be in your estate at the time of your death. Effective estate planning can help eliminate the amount of tax owed on these ASSETS if that is your goal. B-“B” stands for BASIS, or what you paid for an asset in your estate, minus expenses you incurred in… (Keep reading)
Posted in Firm News on March 26, 2018
Just a reminder for those taxpayers who file a late return: Under the IRS’s First Time Abatement Program you may qualify for an OK to waive late filing and late payment penalties. You must pay or make arrangements to pay the tax due. Your last three years tax return must have been filed and paid… (Keep reading)
