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There are Ways to Transfer Home to Your Children

Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.

Posted on: November 18, 2022

Why Is Power of Attorney So Important for Estate Planning?

Estate planning takes a lot of time, but another factor that needs to not be overlooked is having a power of attorney.

Posted on: November 17, 2022

What Is the Purpose of a Guardian?

Few will argue that the most important time to have a will is when you are parents of young children.

Posted on: November 16, 2022

Is Spouse Automatically Your Beneficiary?

If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.

Posted on: November 15, 2022

IRS Announces New Lifetime and Gift Tax Exemptions

The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off individuals to transfer much more to their heirs tax free during life—or at death.

Posted on: November 14, 2022

Should I Keep Beneficiary Designations Up to Date?

Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k) or annuity?

Posted on: November 11, 2022

What Happens When Inheritances are Unequal?

Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.

Posted on: November 10, 2022

Who Should I Name as a Co-Trustee?

Unlike a last will and testament, a revocable living trust is effective during your lifetime.

Posted on: November 9, 2022

What to Do When Your Spouse Dies

Here is a list, in no particular order, of what needs to be done after someone passes to help you during this difficult time.

Posted on: November 8, 2022

Estate Planning for Different Ages and Stages of Life

An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.

Posted on: November 7, 2022