If you or someone you know has received an inheritance, it is important for you to understand how to manage your basis “step up.” A “step up” in basis is the adjustment of the value of an appreciated asset – for tax purposes – upon inheritance. IRS Taxes... Read more
Sadly, most Americans are indifferent to estate planning – at best – or completely ignore the issue – at worst. When it comes to estate planning, however, there are just some mistakes that you cannot afford to make. Below are five of the most... Read more
One misconception people have about life insurance is that naming beneficiaries is all you have to do to ensure the benefits of life insurance will be available for a surviving spouse, children, or other intended beneficiary. Life insurance is an important estate... Read more
Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial... Read more
In the event of your untimely death, your beneficiaries are highly dependent on how you planned your estate. Generally, you have two types of property. First, you have property with a title that says you own it. Second, you have property that has no title — you know... Read more
First: No one wants to die. Second: After we die, we want our assets to go to our loved ones — not to predators of a surviving spouse; creditors of a surviving spouse or children; divorcing in-laws; or judgement liens. Third: We must take affirmative steps so that our... Read more
