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Are you old or young? Wealthy or poor? Do you know what? It doesn’t matter! Everyone, no matter what their age or financial status, needs a will. And yet despite this fact, more than half of Americans don’t have a will at all. If you’re one of those people who have neglected to create a will, […]
Monthly Archives: December 2014
When a Grantor passes away, the Trustee of the estate must step into action. There are numerous tasks to complete, including collecting assets, paying taxes and bills, filing accountings, managing money for beneficiaries, and more. One of the very first things the Trustee must do is notify the beneficiaries, describing the situation (the Grantor’s death, the state […]
Typically, when you sell business or investment real property, you’re required to pay capital gains tax on the sale. Taxes are a fact of life, but wouldn’t you prefer to defer paying your taxes if you could? 1031 exchanges allow you to do just that. So what is a 1031 exchange? Also known as a tax-deferred […]
The season of giving is right around the corner, making this a very apt time to talk about the legal stipulations of giving gifts. Although we don’t want to scare you away from giving generously, it’s important to realize that some gifts are taxed and that you (the donor) must pay that gift tax. Gift […]
Did you know that you have an estate? It’s true! Not the sort of estate that contains a large house and lots of land in the countryside, but an estate made up of everything you own. All of your money and property blend together to create your estate, so the term stretches and shrinks depending […]
The Internal Revenue Code, Title 26, Section 1031 states the following: “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such property is exchanged solely for property of like kind which is to be held either for productive use […]
An estate plan is not a one-time, in-and-out procedure. The documents that make up your estate plan will significantly impact your life, your family, and your property after your death. To ensure everything occurs as you hope, it is vital you take the time to periodically review and update your estate plan. If you aren’t sure when to […]