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Edward Albert Brown

Edward Brown’s Legal Guides

21 total

  • The Dangers of Gifting Real Estate as an Estating Planning Strategy

    In an effort to get assets out of their estate to protected it from estate taxes or a nursing home , many people consider deeding their real estate to their children. This is a very risky strategy for a variety of reasons. Capital Gains Tax Capital gains tax applies to the sal...

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  • Tax Consequences of an Inhertitance

    Is my inheritance taxable as income? As a probate and estate administration attorney, I frequently deal with family members who have recently received, or about to receive, an inheritance from a relative. The prevailing question on everyone's mind is whether they need to report ...

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  • How to File Income Taxes for a Deceased Taxpayer

    As tax day approaches, many people ask how to file taxes for a family member who passed away in 2011 and who should sign the return. As are most things with the IRS, the answer can be somewhat complex. If the decedent's spouse is still alive, then the spouse can file a joint ret...

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  • What really affects you Credit Score?

    It seems like we are constantly bombarded these days with horror stories about the importance of your credit score. With the rise of identity theft and the volume of consumer credit, the credit score has become the vital sign of ones personal finances. Along with this, many myths...

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  • Beware the Empty Trust!

    One of the most common situations I encounter in Estate Administration is an empty trust. An empty trust is a trust that never ends up actually holding any property or assets. Attorneys that do not specialize in Elder Law often provide clients with a trust printed on very nice pa...

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  • Preplanning Can Reduce Estate Tax Liability for Heirs

    In 2007, an heiress passed away leaving an estate of just over 20 million dollars. The bulk of the estate was her shares of stock in the family hotel business. Facing an exorbitant estate tax bill, the family entered into a payment plan with the IRS to pay the tax over a period o...

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  • The drawback of survivorship deeds

    In the course of my work in Estate and Trust Administration, I often encounter the misconception that real estate owned jointly among spouses contains a right of survivorship. As a result, I see property end up in probate and the estate burdened with time-consuming and costly has...

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  • Keep your estate planning up to date

    Your estate plan is just like you: it changes over time and sometimes needs a makeover. As the Estate Administration Attorney at Cooper Adel, I am one of the proud few that gets to see an estate plan in action. Most attorneys, myself included, spend time drafting documents and ...

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  • Trusts vs. Payable on Death Accounts

    I am often asked why someone would need a trust if all of their accounts are payable on death? Both a trust and a payable on death account ate a good strategy to avoid probate because both designate who will inherit the account at the owners death. However, a trust can be a b...

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  • The Dangers of a Simple Will

    The Dangers of a Simple will A question clients frequently ask is do I have enough assets for a trust? This question is usually followed by the statement I just need a simple will. The reality is that there is no dollar amount at which the need for a trust is triggered and there...

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