Do you know the difference between an IRA beneficiary and a designated beneficiary? If you have heirs, you should.
Insight Tag: Estate Planning
Aretha Franklin left behind a lasting legacy as the Queen of Soul. What she didn’t leave behind, unfortunately, is a will.
In addition to the magnitude of changes the Tax Cuts and Jobs Act has delivered to taxpayers everywhere, the new law also zeroed in on the way estates and trusts are taxed. Needless to say, these changes are sure to alter the way you look at your long-term financial planning and the legacy you hope to leave behind.
If you ever find yourself named as an executor of a loved one’s estate, it’s your duty to assess and protect assets, pay creditors, notify beneficiaries, file a final tax return, and more. Read on to learn more about the responsibilities of an executor.
As your health or the health of someone you care about begins to “slip” you may consider bringing in some additional assistance to help improve functionality and overall well being. Fortunately, you may be able to catch a bit of a break on your tax bill thanks to the personal medical expense deduction. Read on to learn more.
The day Mary passed away was a somber day for her entire family – especially Emma, Mary’s daughter. But unlike the rest of the family, Emma had little time to mourn.
Planning is part of our everyday life. Whether you’re writing out your daily “To Do” list, or mapping out your route to work, or strategizing about how to retire comfortably. Preparation is an essential task to reaching our goals. So when we don’t have the fortune of planning for something, it is important to prepare … Continued
On January 2, 2013, Congress and the President signed The American Taxpayer Relief Act which made permanent the $5 million estate and gift tax exemption and indexed that amount to inflation. The indexed amount for 2013 is $5.25 million. Estate Tax Portability The Act also made permanent portability, which allows a surviving spouse to utilize … Continued
Even if your business survived the recession, your property values definitely didn’t. You might think that your property values won’t impact your business until you’re ready to sell. But, did you know that they can affect your ability to refinance your mortgage or continue your line of credit? Beware the Loan to Value Ratio “Many … Continued