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...] about Income Tax Basis
BLOG
How Do I Disinherit Someone?
For most people, the primary focus of estate planning is to ensure that their assets are passed down to their loved ones according to their wishes after they are gone. Consequently, many of the decisions you will make when creating an estate plan relate to who you want to inherit from your estate assets. What if there is someone you specifically do not want to inherit from your estate? Below we will discuss how to disinherit someone. Who Inherits If I Don’t Have a Will? If there is someone you … [Read more...] about How Do I Disinherit Someone?
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...] about Use Trust Protectors for Added Protection and Flexibility
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...] about How Will You Obtain the Care You Need?
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...] about Income Tax Basis in Estate Planning
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...] about Make Your Own Plan
Does a “Love Child” Inherit from a Parent’s Estate?
Families tend to be complicated, which often means that estate planning is both complicated and necessary. Without an estate plan in place, state intestate succession laws determine what happens to a decedent’s estate assets. As a general rule, this means that a spouse and/or children inherit from the estate. While that sounds simple enough, even that simple concept can be complicated. For example, what happens if there is an illegitimate child? To help answer that question, we will explore how … [Read more...] about Does a “Love Child” Inherit from a Parent’s Estate?
What Happens If We Can’t Agree on Who Should Administer My Mother’s Estate?
The death of a parent, no matter how old you are, is never easy to accept. If you are an adult child who recently lost your mother, you are undoubtedly still going through the grieving process. At the same time, you may be feeling pressure to get moving with the administration of your mother’s estate. The situation will only be worse if you have a situation where the family cannot agree on who should oversee the administration of the estate. If you find yourself in that situation, it is … [Read more...] about What Happens If We Can’t Agree on Who Should Administer My Mother’s Estate?
Choosing the Right Trustee Matters More than You Realize
Like many people, you may decide to incorporate a trust into your comprehensive estate plan. If so, one of the most important steps in creating your trust will be to select a Trustee to administer the trust. In fact, you may not realize just how important choosing the right Trustee is to the success of your trust. To help ensure that you make the right choice, we will explain why your choice of Trustee matters more than you realize. What Is a Trust? A trust is a separate legal entity that owns … [Read more...] about Choosing the Right Trustee Matters More than You Realize
Estate Planning? How do I Start?
We understand if engaging in the estate planning process seems like a big deal. There are forms to fill out, difficult issues to think about, documents to review, legal fees to be paid, and you have to work with an attorney which may be something you have not previously had to do. None of these things rank highly on anyone’s “My Top 10 Ways to Spend an Afternoon.” But, let us put your mind at ease. Once you enter the estate planning process, you’ll feel a much better. You’ll be able to … [Read more...] about Estate Planning? How do I Start?
