Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
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Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Social Security Retirement Benefits
The days of counting on Social Security Retirement benefits to fund the majority of your retirement are long gone. Nevertheless, most people are still counting on those benefits as part of their retirement income. If that includes you, a Rochester retirement planning attorney at the Law Office of Michael Robinson, P.C. wants to make sure you know what to expect from the Social Security Retirement System. The Birth of the Social Security Retirement System Social Security was established in 1935 … [Read more...] about Social Security Retirement Benefits
529 Plans: Planning for Education with a Tax and Asset Protection Bonus
Planning is important when providing for your children or grandchildren. But planning for their education has special importance and may have special advantages. This article looks at how 529 plans may have tax advantages when providing for education. Further, the article looks at how such a plan may provide asset protection in bankruptcy, as well. 529 Plans: Planning for Education with a Tax and Asset Protection Bonus … [Read more...] about 529 Plans: Planning for Education with a Tax and Asset Protection Bonus
How Do I Become My Mother’s Guardian?
If you find yourself worrying about your mother’s ability to safely care for herself or about her ability to handle her affairs, it may be time to consider guardianship. Like many adult children, you may be resistant to the idea of petitioning to become your mother’s Guardian because it feels as though you are taking away her independence. Keep in mind, however, that failing to pursue guardianship could place your mother at increased risk for serious injury or victimization by predators who prey … [Read more...] about How Do I Become My Mother’s Guardian?
