Category Archives: Gift
Protect Your Estate from Nursing Home Costs
Nursing home care is expensive, costing between $12, 000 to $20, 000 per month, so most seniors should do all they can to prepare for this possibility. According to a recent article from the Times Herald-Record, “Elder Law Power of Attorney can save assets that would go to nursing home costs, ” this is… Read More »
Incorporating Gifting with an Estate Plan
Kiplinger’s recent article entitled “Gifting sounds pretty simple, but there are many ways to do it, and several tax ramifications to be aware of as well” explains that no matter if a gift is made this year or in future years, there are some important questions to consider. Increased exemption. The Tax Cuts and… Read More »
Estate Planning Actions to Consider before 2020 Ends
When it comes to estate planning, there’s no such thing as a “one-size-fits-all” solution. That is especially true before a presidential election. However, there are several factors that should be considered and discussed with your estate planning attorney, as recommended in this recent article from The National Law Review “Top Ten Estate Planning Recommendations… Read More »
How Family Businesses Can Prepare Now for Future Tax Changes
The upcoming presidential election is giving small to mid-sized business owners concerns regarding changes in their business and the legacy they leave to family members. The recent article “How family businesses can come out on top in presidential election uncertainty, ” from the St. Louis Business Journal looks at what’s at stake. Tax breaks…. Read More »
Handing Kids Keys to Your Home Is Never Good Estate Planning
Transferring ownership of the family home to an adult child may seem like a simple approach for avoiding having the house go through probate, or even qualifying easily for Medicaid. However, this seemingly simple solution comes with many problems, including taxes and the potential for years of delay for qualifying for Medicaid. That’s the… Read More »
Hey Dad, Can I Get an Advance on My Inheritance?
Most parents want to divide their estate equally among their heirs, but sometimes things just don’t work out that way. That’s especially the case when one child needs more help than another. Therefore, what parents will often do is count the distributions they make during their lifetime as advances against the child’s future inheritance…. Read More »
Holiday Season Ushers in Thoughts of Family and Sharing
For many families, the holiday season is a time to reflect on the joy of family and the fun of getting everyone together, even if these gatherings can only take place a few times a year. It’s also the time when families often consider sharing their good fortune, according to the article “Share your… Read More »
Good News About Gifts
It’s worthwhile to understand the rules about taxes that might be triggered by your generosity, says Forbes in the article “How To Avoid Taxes When Giving Big-Dollar Gifts.” Did you know that you can give any one person as much as $15, 000 every year, without having to pay any gift taxes? You can… Read More »
How Joint Tenancy Creates Problem for Seniors
Parents putting children or other family members as joint owners of their assets. is another example of a simple solution for a complex problem. It doesn’t work, even though it seems as if it should. As explained in the article “Beware the joint tenancy trap” from Monterey Herald, putting another person on an account,… Read More »
I Want to Make a Generous Gift but the Taxes?
That’s the short answer to the question, which is often asked in a roundabout manner: “How much am I allowed to gift?” There are more details in the complete answer, as reported in The Mercury’s article, “Can I gift more than $15, 000?” You can gift as much as you wish, to whomever you… Read More »