by Christine | Feb 21, 2013 | Art, Estate Law, Estate Plan, Estate Planning, Gift, Valuation |
So you have there is this really cool painting that you gave away. Do you want it to be worth a lot or a little? It depends on who you gave it to. Giving someone art rather than dollars can be complicated, especially when it comes to taxes and the IRS. So the...
by Christine | Feb 20, 2013 | Elder Law, Estate Planning |
Research shows that the ties which lead adult children to become caregivers — depending on how much contact they have with parents, how nearby they live, how obligated they feel — are weaker in stepchildren, Dr. Silverstein said. Money sometimes enters the equation...
by Christine | Feb 19, 2013 | Appraisal, Charitable Giving, Gift |
…Good intentions do not guarantee a charitable contribution deduction. By failing to properly account and document the contribution, however, the IRS and Tax Court [could] disallow the deduction. You may think that being eligible for the charitable tax deduction is as...
by Christine | Feb 19, 2013 | Asset Protection |
…Proper Asset Protection is most appropriately done when the client knows that he or she has no outstanding claims, i.e., the skies are perfectly clear of creditors. Asset Protection is all about avoiding fraudulent transfers, not designing and implementing them....
by Christine | Feb 15, 2013 | Small Business, Valuation |
With the day-to-day demands of running their businesses, most owners put off getting a valuation until a sale is imminent. But some are starting to treat the act of valuing their business as an integral part of running it. Has anyone asked you what your business is...
by Christine | Feb 14, 2013 | Death Tax, Estate Tax, Federal Estate Tax, GIfting, Inheritance Tax |
The good news is the estate tax won’t apply to as many business owners as we feared; the bad news is that when it applies, it has a nasty sting. Over the past several years, we’ve seen estate taxes go through many alterations. We’ve seen changed exemption amounts, a...
by Christine | Feb 13, 2013 | Elder Care, Elder Law, Taxes |
You might be able to claim your parent as a dependent, take a dependency care tax credit, write off your mom or dad’s medical expenses or get some combination of these tax breaks. It’s that time again – Uncle Sam is knocking on your door and ready to collect taxes. If...
by Christine | Feb 12, 2013 | Disinheritance, Estate Planning, Inheritance, Wills |
As cruel as it sounds to disinherit a child, people have their reasons. Sometimes there is no relationship. Other parents might feel the adult is well-off and does not need an inheritance. Estate planning largely involves the process of distributing assets to your...
by Christine | Feb 11, 2013 | Estate Planning, Family Home, GIfting, Real Estate |
There are nearly half a dozen ways to give a home to your child. And a couple are tax-free. You’re probably well aware that for many families, the family home is the single most important estate asset. Can you imagine your kids having to part with the home they grew...
by Christine | Feb 8, 2013 | Estate Law, Estate Planning |
…State estate and inheritance taxes have been in constant flux over the last decade. And it’s not just the list of states that has been changing, but in some states, the level at which the tax kicks in has been changing (both up and down). So it’s important to stay on...
