Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis
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Inheritance Planning: Consider the Recipients
On the surface, inheritance planning can seem like an exercise in deciding how to split up a pie into slices that will be distributed among your heirs in the same manner. In fact, there is another facet to consider. There is a give, and there is a take, so you should think about the life situation of each person your inheritance list. You do not necessarily have to utilize the same asset transfer method to get bequests into the hands of each respective person. The right course of action for … [Read more...] about Inheritance Planning: Consider the Recipients
Use Trust Protectors for Added Protection and Flexibility
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee. Use Trust Protectors for Added Protection and Flexibility … [Read more...] about Use Trust Protectors for Added Protection and Flexibility
Living Trust Questions Answered
The revocable living trust is an estate planning device that is ideal for a wide range of different people, but many do not understand the benefits. In this post, we will explain them through the utilization of a hypothetical question and answer session between an inquisitive client and an estate planning attorney. Trusts are only for wealthy people, right? This is probably the biggest misconception that is held about estate planning. There are trusts that are used by very high net worth … [Read more...] about Living Trust Questions Answered
What Does a Probate Court Do?
If you have not looked into the subject to this point, you may have never heard anything about the process of probate. The court that handles probate matters in New York is the local Surrogate's Court. This court is charged with a number of different responsibilities, but we will focus on the elder law and estate planning facets in this blog post. Adult Guardianship In many cases, people who reach an advanced age become unable to make sound decisions on their own. If there are no incapacity … [Read more...] about What Does a Probate Court Do?
