Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2021 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2021
Estate Planning
Updating Your Plan: Beneficiary Designations
As we approach the end of the year, it’s a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. Read on to learn more. … [Read more...] about Updating Your Plan: Beneficiary Designations
It’s Better to Give, Especially This Year
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. Read on to learn more. … [Read more...] about It’s Better to Give, Especially This Year
Is Joint Tenancy a Good Estate Planning Solution?
There is an expression about a little bit of information being a dangerous thing, and this often enters into the realm of estate planning. Sometimes you will hear about a so-called “simple solution” that sounds good on the surface, but an incomplete picture is painted. Joint tenancy would fall into this category, and we will take a look at the details in this post. Concurrent Ownership If you own property, you can establish a joint tenancy with another person, or multiple individuals. For … [Read more...] about Is Joint Tenancy a Good Estate Planning Solution?
Estate Planning: Resolve to Stop the Procrastination in 2021
When a new year rolls around, people make resolutions of various kinds. Some of them are related to bad habits, and you may resolve to take care of a responsibility that you have been putting on the back burner. With this in mind, we urge you to make 2021 the year that you finally put an estate plan in place. Disturbing Trend If you are going through life without an estate plan, you are making a mistake, but you are certainly not alone. Caring.com has been conducting annual surveys to get a … [Read more...] about Estate Planning: Resolve to Stop the Procrastination in 2021
Genworth: Los Angeles Long-Term Care Costs Are on the Rise
The matter of long-term care is a pressing concern for members of the elder law community. Most senior citizens will need help with their activities of daily living, and more than one third of elders will require nursing home care. A lot of people are not too concerned because they know that they will qualify for Medicare when they are 65. They assume that Medicare will pay for long-term care since it is a health insurance program for seniors, and most of these folks will need living … [Read more...] about Genworth: Los Angeles Long-Term Care Costs Are on the Rise
Do IRA Beneficiaries Pay Taxes on the Income
You may come to the realization that your individual retirement account will be passed along as part of your estate plan, and this will raise questions. We will provide answers in this post, and we will start with a general explanation of the guidelines for account holders. Traditional Individual Retirement Accounts Your taxable income is reduced by the amount of the contributions that you make into a traditional individual retirement account. This is advantageous in the near term, but … [Read more...] about Do IRA Beneficiaries Pay Taxes on the Income
Wealthy Entrepreneur Hsieh Died Intestate
Tony Hsieh was an interesting man who enjoyed great success at an early age. He was entrepreneurial during his days at Harvard when he started a pizza delivery service, and he cofounded LinkExchange when he was 22. This Internet advertising company exploded, and after two years of growing popularity, the partners sold LinkExchange to Microsoft for $365 million. At that point, he founded Venture Frogs, a firm that provided capital for start-ups. He got a call one day from a stranger named … [Read more...] about Wealthy Entrepreneur Hsieh Died Intestate
Attend to These Estate Planning Details
You should consider the finer details when you are planning your estate, but many people adopt an overly simplistic viewpoint. They reduce the matter to the creation of a will, and they leave it at that. Any estate plan is better than none at all, but this is a very profound final act of giving, and it should be given the proper attention. With this in mind, let’s look at three important estate planning details that are often overlooked. Letter of Last Instructions The written word is … [Read more...] about Attend to These Estate Planning Details
Adjustment Will Increase Estate Tax Exclusion in 2021
For the most part, inheritances are not subject to taxation. Inheritors do not have to report their bequests when they file their regular income tax returns, and appreciated assets get a step-up in basis for capital gains purposes. This means that an inheritor does not have to pay capital gains tax on appreciation that took place during the life of the decedent. There is a federal estate tax that can be applicable, but there is an exclusion that can be used to transfer a certain amount of … [Read more...] about Adjustment Will Increase Estate Tax Exclusion in 2021
