Is Your Home Your Largest Asset or Biggest Liability?
“Could generations of traditional homeownership wisdom be wrong? Here’s what you need to know to determine whether your home is an investment that will pay off in retirement—or a liability.”
What are Biggest Blunders in Wealth Transfer?
“We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?”
How Do I Give My Children the Summer Home?
“Whether you own a cabin in the woods or a mansion at the beach, creating an estate plan will determine the best way to distribute a home to your children.”
What are the Worst Things to Leave in My Estate?
“If you’re planning an inheritance, be careful about leaving these assets to a loved one. They may create more trouble than they’re worth.”
When Do I File a Tax Return for an Estate?
“My 91-year-old mother-in-law died on Dec. 13, 2020. There was no Will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?”
Would a Life Estate Have an Impact on Taxes on an Inherited Home?
“My mother died this year, and when my sister and I went to sell her home, we found out that without our knowledge, our mom had put us on the title as joint owners, even though neither of us had put any money into the purchase of the home some 30 years ago. Are we now on the hook for taxes on the gain in house value?”
How a Charitable Remainder Trust Works
“A charitable remainder trust can be used to help accomplish numerous financial planning objectives. However, complex legal requirements must be met to secure many of the benefits a CRT offers.”
