If you are estate planning or inheriting assets, it is important to understand what the step-up in basis is and how it may affect you. What Is the Step-Up In Basis? The step-up basis is a provision in federal tax law. It determines how assets are valued for calculating capital gains taxes when a person passes … Read more
There are various benefits to creating a testamentary trust including wealth management, asset protection and for tax purposes. What Is a Testamentary Trust? A testamentary trust allows a testator to manage wealth by giving a trustee instructions for distributing their property after the trustee’s death. A testamentary trust is a part of the testator’s last will and … Read more
You may have a vision for your retirement, but does your spouse share that vision? Spouses often disagree about many key retirement details, so it is important to work together to come up with a plan you both can accept.
The Social Security Administration has announced that its beneficiaries will see a significant increase – totaling nearly 9 percent – in their monthly Social Security checks come January 2023.
With the SECURE Act making changes to rules about inherited IRAs, instead of leaving your IRA to your children, you may want to consider leaving it to a charitable remainder unitrust, which can still benefit your children.
Having A Plan Many of my clients are reaching out to me to say how they are more confident than ever in the estate planning we did together. There is a more heightened sense of “do I have my affairs in order, is there anything else I should be doing in case I get sick … Read more
Tax day is fast approaching and you want to make sure you’re taking advantage of all the deductions and credits you’re entitled to.
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, here are 5 rights that trust beneficiaries have to ensure the trust is properly managed. A trust is a legal arrangement through which one person, called a “settlor” or “grantor,” gives assets to … Read more
Running a small business can keep you busy, but for this very reason it’s especially why small business owners need an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone. While an estate plan is important for everyone, it is especially important … Read more
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children.
