Income tax basis is important in tax and estate planning. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.Income Tax Basis … [Read more...]
Use Trust Protectors for Added Protection and Flexibility
Trust Protectors are increasingly popular in trusts. This article by my friend and colleague Steve Hartnett, an estate planning expert,examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee.Use Trust Protectors for Added Protection and Flexibility … [Read more...]
How Will You Obtain the Care You Need?
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. My friend and colleague Steve Hartnett, an estate planning expert, discusses possible paths for covering the assistance you may need.How Will You Obtain the Care You Need? … [Read more...]
Income Tax Basis in Estate Planning
Income tax basis is important in estate planning. This article by my friend and colleague Steve Hartnett, an estate planning expert,examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies.Income Tax Basis in Estate … [Read more...]
Make Your Own Plan
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. As discussed in this post by my friend and colleague Steve Hartnett, an estate planning expert, if you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most.Make Your Own Plan … [Read more...]
Planning for Special Needs Children
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children. This post by my friend and colleague Steve Hartnett, an estate planning expert, discusses this important planning.Planning for Special Needs Children … [Read more...]
Where Do It Yourself = Do It Wrong
An estate plan is an important part of one’s plan for the future. Many realize that they need the assistance of an experienced and qualified attorney to assist them in their efforts. Unfortunately, some folks will cut corners in their estate planning efforts in an effort to save a few bucks or because they think they are as smart as or smarter than their estate planning lawyer when it comes to drafting documents or both.Even with persons who were prudent enough to have their original plans … [Read more...]
Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read this post by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about the prevalence of unexpected deaths and an example of what can happen without planning.Planning for the Unexpected … [Read more...]
Planning for Education Expenses
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how a trust can be used to provide for your child or grandchild’s education. The article looks at how a trust can protect those funds.Planning for Education Expenses … [Read more...]
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well.529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...]
