When choosing the direction to take in estate planning, it’s important to consider the impact of the proposed estate plan on income tax basis. Basis is often overlooked when estate planning strategies are considered. This article examines how common estate planning strategies impact income tax basis. Income Tax Basis in Estate Planning – Part 2 … [Read more...] about Income Tax Basis in Estate Planning – Part 2
6 Important Estate Planning Considerations – Part 5: Retirement Assets
Retirement assets may be a very large part of a person’s estate at death. It’s important to consider the income tax ramifications of naming a beneficiary, as well as protecting those assets for the beneficiaries. This article considers some of these issues. 6 Important Estate Planning Considerations – Part 5: Retirement Assets … [Read more...] about 6 Important Estate Planning Considerations – Part 5: Retirement Assets
6 Important Estate Planning Considerations – Part 4: Beneficiary Designations
Beneficiary designations can be a simple way to pass assets at death. While beneficiary designations avoid probate, they may introduce other problems. This article shows how a revocable trust can provide a more flexible way to achieve a client’s goals. 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations … [Read more...] about 6 Important Estate Planning Considerations – Part 4: Beneficiary Designations
6 Important Estate Planning Considerations – Part 3: Your Kids
An estate plan considers not just to whom assets should go, but also how. Each beneficiary is unique and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different ways. 6 Important Estate Planning Considerations – Part 3: Your Kids … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids
Estate Planning is Too Important to Procrastinate
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...] about Estate Planning is Too Important to Procrastinate
6 Important Estate Planning Considerations – Part 2: Long-Term Care
Many considerations must be addressed in an estate plan, not just who gets whatever’s left after your death. Long-Term Care expenses are an ever-increasing concern. Your estate plan should consider how those expenses would get paid. This article looks at several ways to plan for those expenses. 6 Important Estate Planning Considerations – Part 2: Long-Term Care … [Read more...] about 6 Important Estate Planning Considerations – Part 2: Long-Term Care
6 Important Estate Planning Considerations – Part 1: Incapacity
One of the most important considerations in an estate plan is incapacity planning. This article describes how an estate plan provides incapacity planning and the documents which may be used to accomplish that planning. It also looks at how having a plan in place may relieve stress during an emergency. 6 Important Estate Planning Considerations – Part 1: Incapacity … [Read more...] about 6 Important Estate Planning Considerations – Part 1: Incapacity
Retirement: It’s not Just About the Money
Many factors go into retirement decisions. This article examines some of those factors. Being financially prepared is one aspect. Having your estate planning in order is another. But, being socially and psychologically ready for retirement are yet other aspects which people often don’t consider. Be ready for your next phase of life, this article will help you get there. Retirement: It’s not Just About the Money … [Read more...] about Retirement: It’s not Just About the Money
New Tax Law May Affect State Income Tax, Too!
The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why. New Tax Law May Affect State Income Tax, Too! … [Read more...] about New Tax Law May Affect State Income Tax, Too!
Sager Family Shows Perils of Blended Families
Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. Sager Family Shows Perils of Blended Families … [Read more...] about Sager Family Shows Perils of Blended Families
