Building and Protecting Families
Posted in Estate Planning, Estate Planning Term of the Week on Mar 31st, 2010
The dollar amount paid for an asset. This amount is subtracted from the sales price of the asset when it is sold to determine capital gains and capital losses for tax purposes. Tweet
Posted in Estate Planning on Mar 29th, 2010
MYTH: Estate planning is only for the wealthy. FACT: This is one of the most common estate planning myths. There are many other factors or objectives other than wealth that you should consider. For example, if you desire to do any one of the following, then you need a comprehensive estate plan: (1) providing for [...]
Posted in Estate Planning, Estate Planning Term of the Week on Mar 24th, 2010
Attorney in Fact - The person named as agent in a power of attorney to handle the financial affairs of another. Tweet
Posted in Estate Planning, Probate on Mar 22nd, 2010
MYTH: Holding property in a joint tenancy arrangement is a cost effective way to avoid probate. FACT: Holding property in a joint tenancy arrangement can avoid probate; however, there can be negative consequences to doing so. The joint tenant has ownership rights in the property leaving the property subject to the joint tenants creditors. For example, a [...]
Posted in Estate Planning on Mar 15th, 2010
Do you have your estate plan? If not, what are you waiting for? Every adult needs an estate plan, even if it is a simple Will. Here are 5 easy steps to help you get started on your estate plan and protect your family and assets. To create a comprehensive estate plan, you will need [...]
Click here to learn more about starting your estate plan.Posted in Estate Planning, Estate Planning Term of the Week on Mar 10th, 2010
Protecting your property from legal issues/problems and taxes during your life and after your death. Tweet
Posted in Estate Planning on Mar 8th, 2010
Many people believe that estate plans are only for the wealthy and well-to-do. This is another common estate planning myth. More than 60% of all Americans die without an estate plan, leaving their state’s intestacy laws to determine who will inherit their property. Intestacy laws may also determine who will act as guardian of your [...]
Posted in Estate Planning, Estate Planning Term of the Week on Mar 3rd, 2010
The amount of property an individual may gift to another person each calendar year without incurring a gift tax and without IRS reporting requirements. For 2010, an individual can gift $13,000 to each person, per year. Married couples can combine their annual exclusion amounts and gift $26,000 to each person, per year. Gifts made to a spouse who [...]
Posted in Estate Planning on Mar 1st, 2010
Many people believe (or are told) that a Revocable Living Trust can reduce estate taxes. This is a very common estate planning myth. A Revocable Living Trust does not reduce your estate taxes. The main purpose of a Revocable Living Trust is to avoid probate, plan for disability/ incapacity and to protect your privacy. A married [...]