Jan
29
2018
Major tax reform legislation was signed into law late last year that impacts not only the federal income tax but also other taxes potentially affecting your estate plan (such as the estate, gift, and generation skipping transfer taxes).
The...
Aug
16
2017
What Is The Difference Between The Taxable Estate vs. The Probate Estate?
The taxable estate is an estate tax concept. It includes the decedent’s interest in every type of property owned at death, plus property over which the decedent had...
Mar
02
2017
The gift tax is also a component of the federal transfer tax system and is a tax imposed on transfers (i.e., gifts) of property during life, either given outright or to a trust. Like the estate tax, the gift...
Nov
30
2016
Ten Year-End Tax-Planning Tips for Individuals
Accelerate Deductions and Defer Income - It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses,...
Sep
07
2016
Probate assets consist only of assets owned by the decedent at death that do not pass automatically (i.e., by operation of law) to the intended beneficiaries. A person’s will deals only with probate assets – it does not control...
Jul
22
2016
Probate is the legal process that takes place after someone dies of proving the validity of a will or establishing who is entitled to receive the decedent’s property under state intestate succession laws if there is no will. The...
May
23
2016
You should always work with a lawyer when setting up a trust. A poorly created trust can be confusing, expensive, and/or ineffective. The trouble with do-it-yourself planning is that even if your situation seems simple, you are not aware...
Mar
16
2016
To the layperson, trusts can appear complicated. People often think trusts are only for the very wealthy. In reality, trusts can be useful for people of all income levels.
A trust is a legal arrangement under state law governed by...
Nov
10
2015
From a simple standpoint, many people initially think of an estate plan as having a will. On the more complicated end, some think of an estate plan as an elaborate arrangement only rich people need to plan who...
Jun
03
2015
Starting a new business is exciting, but it requires many important decisions. One of the earliest and most crucial decisions is what type of business entity to form. Your choice of business entity provides structure and a framework for...
