Millions of Americans die each year without any type of estate plan in place, and this forces their families into the court system, where they experience the high cost and time delay characteristic of probate proceedings. In fact, more than 50 percent of Americans don’t even have a will or any type of estate plan. …
ery often when speaking of corporations established for laudable purposes people incorrectly equate the word “nonprofit” with “charitable.” While this may be a distinction without a difference in casual discussions, when it comes to a federal tax return, the two are not synonymous. This misperception during the initial stages of planning and establishment of a …
A Nonprofit Organization is Not Necessarily a “Charitable” Organization Read More »
The uncertainty of the future can be a scary thing. As you get older, your body and your finances change, affecting every facet of your life and creating the need to make sure that you have a plan in place, should anything unforeseen occur. This is why you need the assistance of an elder law …
Understanding the Rising Costs of Long-Term Care Read More »
The SECURE Act went into effect at the beginning of this year and has significantly impacted both retirement planning and estate planning. We urge all of our clients with trust as part of their estate plan to check in with us to ensure that their trust document does not need to be updated after this …
How Does the SECURE Act Affect Your Estate Plan? Read More »
When medical issues arise, it is imperative that you have a plan in place, in order to help you and your family deal with the situation. Many who face these types of problems do not have the legal, financial, and medical steps put in place, in order to deal with the ramifications of this crisis. …
A Donor Advised Fund or “DAF” is defined as “an account at a sponsoring organization, generally a public charity, where an individual can make a charitable gift to enjoy an immediate tax benefit and retain advisory privileges to disburse charitable gifts over time.” But what does that mean in practical terms? You can set up …
That’s what you often hear from a sneaker manufacturer or a car company to create a feeling of scarcity for a product in order to drive desire or cost up. This is not a typical tactic of the IRS. COVID-19 and the reaction to it have created a path of human misery, but like cutting …
Many self-employed and small business owners who did not get applications in before the money ran out the first time around, are now getting them in during this second round of PPP funding, and the frantic level of requests seen previously seems to be a bit more orderly now. Many people we have spoken to …
Should You Take a PPP Loan If You’re Not In Dire Straits? Read More »
Income Tax planning is an integral part of Estate Planning. The first article in this series examined the concept of income tax basis, how it is acquired, and how it is adjusted. This article examines what happens to the income tax basis of an asset when it is gifted or bequeathed. There are different rules …
When a spouse passes away, a lot of attention goes to administering their estate. But if you’re a surviving spouse, it’s also important for you to focus on your own estate planning documents as soon as you can. You need to make sure you’re protected during your lifetime and that your wishes will be carried …