5 Basic Tips for Trustees
Jul 19, 2012
Naming someone as trustee of your living trust is quite possibly one of the most difficult decisions youll ever make. The trustee is involved in just about every aspect of the administration of a trust...
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529 Plans Are Useful for College Tuition AND Estate Planning
Jul 19, 2012
As the cost of college tuition rises, so do parents stress levels. According to one website, the cost of tuition for one year at some schools can be enough to make a decent down-payment on a house. B...
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How to Transfer Bank Accounts as Gifts
Jun 15, 2010
What if someone wants to give you a Bank Account as a gift.
General tax law says that with regard to bank accounts, if your name is added to the bank account and you do not take any money out of the a...
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Who Can Take the Children as Dependents After a Divorce?
Jun 15, 2010
The first answer to this question is always the same; check your divorce decree. The decree should spell out who gets to take the kids as dependents.
Here are the general rules if the divorce decre...
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Protecting Your Loved Ones with an ILIT Trust
May 12, 2010
The foundation of estate planning is control. Life happens. When one spouse dies it is natural for the survivor to remarry. In remarriage loyalties change. It is not good or bad. It just is. If you ha...
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The Many Faces of Owning Property
May 12, 2010
Property ownership under the law is an interesting topic. No one ever thinks about property ownership until they buy something, like a house. Then one generally asks the real estate broker how they s...
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What if you Owe Taxes to the IRS?
May 11, 2010
You have many choices if you owe taxes to the IRS. You could owe taxes for yourself personally or you may owe taxes for a small business. Taxes owed by you for a small business are generally known as...
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Why you Need to Update your Trust in 2010
May 05, 2010
The Brand New Income Tax Under the previous version of the Internal Revenue Code (IRC), there was a tax on all assets that a taxpayer owned on the day of death. One major benefit from the estate tax...
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The Top 5 Estate Planning Mistakes
Apr 08, 2010
Mistake Number 1 - Dying Without a Will or Trust When you die without a will or trust you don't control your estate, the "Law of Default" controls. The Law of Deafult is the intestacy law in the sta...
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Stretch or Inherited IRAs
Apr 07, 2010
Benefits of an IRA Account Assets held in an IRA are generally very beneficial from an income tax perspective. The money is deposited into the account on a tax free basis. Then, while the assets re...
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