As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. Read on to learn more. … [Read more...] about Updating Your Plan: Powers of Attorney
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. … [Read more...] about Tax Planning for 2021
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more. Tax Tips after New Year … [Read more...] about Tax Tips after New Year