Tis the season for estate planning. While it would seem that the holidays would not be the ideal time to discuss an estate plan and estate taxes, it is the end of the year and there is time to consider a gift that can further your estate plan. In 2010, due to the lapse in the federal estate tax provisions, you are permitted to gift up to $13,000 to any one person without paying gift taxes and without impacting your $1 million lifetime gift exemption. Gifts of over $13,000 will be taxed at the … [Read more...] about Estate Planning and the Holidays
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Why You May Need Medicaid Planning
Medicaid, the need-based, state-run program that provides medical assistance for those with limited income and resources, often enters the lives of senior citizens when it comes to paying for nursing home care. Why would anyone need Medicaid planning? Many believe that Medicare and private insurance will pay for long term care. This is not the case, and Medicaid has become the major source of financing for long-term care; in fact, it pays nearly half of all nursing-home bills after residents … [Read more...] about Why You May Need Medicaid Planning
Avoid Capital Gains Tax With a Charitable Trust
Capital gains tax. Those words can strike dread in the heart of any investor. But what if you could enjoy the fruits of your savvy investing without paying the taxes and help out a charitable organization at the same time? Charities aren’t subject to capital gains taxes, and any proceeds from a sale of property stay in the trust and benefit you. When you turn over ownership of a non-income producing asset to a charity through a charitable trust, the charity will sell the asset and buy something … [Read more...] about Avoid Capital Gains Tax With a Charitable Trust
Estate Planning Questions and Answers
Estate planning is not only planning for the distribution of your property when you pass away, but planning to manage property and situations during your life. We answer some of the common questions that we have been asked regarding estate planning. Which is better in an estate plan, a will or a living trust? Both the living trust and a will are used to transfer property when you pass away, in fact, a living trust is also known as a will substitute. A trust, however, allows you to realize … [Read more...] about Estate Planning Questions and Answers
Three Deductions for Federal Estate Taxes
Estate planning is not only planning the distribution of your property when you pass away, but planning to make the most of deductions and exemptions for estate taxes. We discuss three deductions that reduce federal estate taxes. 1. Unlimited Marital Deduction The unlimited marital deduction allows a spouse to pass unlimited property to the surviving spouse with no limit to the value of the property. There is a drawback to using this as the sole method of reducing estate taxes, as it could … [Read more...] about Three Deductions for Federal Estate Taxes
