Whether your estate plan is simple or complicated, many details can undermine the effectiveness of your plan. But, there are also ways to ensure the effectiveness of your plan.
BLOG
property
Important Steps in Preserving Your Estate
Timely planning is necessary to preserve the assets you have worked so hard to accumulate and to protect your loved ones. The key to successful estate preservation is planning. So, don’t put it off. Consider taking these important steps now.
Consistent Estate Basis Reporting Rules
On March 4, 2016, the IRS issued proposed and temporary regulations regarding the basis of property acquired from a decedent. The purpose of the regulations is to ensure that a recipient's basis in certain property acquired from a decedent is consistent with the value of the property as ultimately determined for federal estate tax purposes.
“UGMA” and “UTMA” in Action
Parents who would like to give property to their minor children may be unaware of their options regarding the ways in which property can be held for the benefit of their children.
The “Taxing Effects” of Selling Your Home
Because of the generous capital gains exclusion on selling a primary residence, you may find that you do not owe Federal taxes when it comes time to sell your home.
Avoid Common Estate Planning Mistakes
Are you aware of these common estate planning mistakes? Some of these common mistakes can be avoided with a few, simple actions and early and thorough planning.
Titling Assets Properly
When assets are not titled correctly, your property might not pass to your intended heirs.