In Charitable Giving Part I, I outlined developments in the tax laws that impact charitable giving. As a generous group of people, the reason why we give is not solely for the tax deduction, right? So, with the tax implications in mind, how can we give? 1. Direct Donation. A gift of money to a charitable organization is always welcome,…
Several years ago, I wrote an article about charitable giving, and it began with the statement: “We are a generous group of people”. I believe this remains true. In so many conversations with friends and family, I still hear of giving to charitable organizations in many ways, including time, money, and other donations. Today’s article will be Part I of…
Many of us have thought about an estate plan and having some documents in place to help our family settle our estate after we pass away. Then life happens and we push that plan a little further down the list of “to dos.” Some of you have gone beyond thinking about it and have even had an appointment made to…
Unfortunately, we live during a time when financial scams are everywhere. Criminals target us with wide-ranging schemes through our cell phones, social media, and the mail. The ultimate goal is to steal money from us. We are well beyond the annoying phone calls from telemarketers at the dinner hour. Financial scams are wide – ranging, and the elderly among us…
I often have the question from clients: Is it a good idea to transfer our home to our children before we die? It is important to understand what is driving this question to help us better advise clients.I often hear that parents want to avoid probate, provide some inheritance to children and they hope to avoid the possibility of a…
In previous articles, we have stressed the importance of a completing an estate plan, one that is tailored for you and your family. We have explained the positive benefits of putting key estate plan documents in place and how to integrate your assets through retitling and beneficiary designations. By completing an estate plan, you and your family members are in…
For most families, one of the goals of estate planning is to minimize future turmoil that may occur after they pass away by addressing how their assets and estate will be settled upon their death. It is often very helpful to have mom and dad make those hard decisions now and not leave a mess for kids to cleanup. Even…
As the U.S. faced the growing public health and economic crisis brought on by COVID-19, Congress passed the CARES Act in March 2020. The goal of the $2 trillion relief package was to deliver economic assistance directly to families and businesses and as quickly as possible. We have all heard in the news about the direct Economic Impact Payments in…
You know the Benjamin Franklin quote “there are only two things certain in life: death and taxes.” All of my estate planning appointments have some consideration of taxes. We are faced with sales tax, income tax, estate tax, capital gains tax, gift tax and property tax to name a few. Even smaller estates still have tax considerations. With the 2020…
In prior articles I’ve shared with you some information about the importance of estate planning for “non-traditional families”. This article is specifically covering the impact of owning real estate with another person who is not your spouse and the importance of addressing those ownership interests in your estate plans. I see the scenario quite often where two people are not…