With a year left before the presidential election, the candidates are getting more in focus. One of the top headline-grabbers is Donald Trump. Whatever your political beliefs and your views of The Donald, we can learn a little from him in terms of asset protection. It is no secret that The Donald … [Read more...] about Asset Protection and The Donald
In this third installment of my four-part series on why you need a living trust, I will look at the third reason why a well-known business publication declared that you don’t need a living trust. ~ You must transfer property to a trust ~ The article states that transferring property to a trust can … [Read more...] about Why You Need a Living Trust
The Supreme Court’s recent decision in Obergefell v. Hodges, means that state bans on same-sex marriage are unconstitutional. It also means that same-sex couples might want to update their estate, financial, tax, and retirement plans. The recent decision will make it easier for same-sex couples to … [Read more...] about Same-Sex Couples May Find Estate Plan Update Useful
I recently received an official letter from a state that I have never lived nor preformed business in. This letter was from the state’s tax department informing me they needed more information before they could respond to my request for a tax refund. The next day I received another letter from a … [Read more...] about Fraudulent Tax Returns Filed Under Your Name
Do we know if we are going to become incapacitated? I think if we are honest, we would say the answer is no. However, do we know if we are going to die? We know the answer is yes. The following are the top 10 reasons why an estate plan is essential. Someone needs to be in place to take care of … [Read more...] about Top 10 Reasons To Have an Estate Plan
Actor Robin Williams passed away in August 2014. Prior to his passing, he established a trust that gave the majority of his estate to his three children. The trust also directed that one of his homes go to his wife for the remainder of her lifetime. This type of transfer is called a life estate. A … [Read more...] about Learning from the Robin Williams’ Estate
Even before blues legend B. B. King passed on May 15, 2015 at the age of 89, dark clouds hung over his estimated $10 million estate. King is survived by eleven of his children, though King granted Power of Attorney to his longtime business manager, Laverne Toney. About a month ago, one of King’s … [Read more...] about The King’s Estate – B.B. King, That Is
Did you know the IRS is nice? It must sound as strange to read as it is to write. But in this one instance the IRS does a very nice thing for the loved ones of a person who passes away: There is a step-up in cost basis for all assets included in the decedent’s estate. The easier way to understand … [Read more...] about The IRS is nice?
A Will and a Trust are both estate planning tools, with some similarities and differences. There are advantages and disadvantages to both Wills and Trusts, and since estate planning is not a ‘one size fits all’ situation, it is important to contact an estate planning attorney to determine which … [Read more...] about What is the difference between a Will and a Trust?
Although the ball has dropped in Times Square, there is one 2014 tax planning option you still have an opportunity to do: Until April 15th, 2015, you can make a 2014 IRA contribution. What this means is that you can make a contribution to a traditional IRA by that date; or you can make a … [Read more...] about Optional Tax Planning Still Available for the Beginning of the New Year