Death and Debt

What about your debts and when you die? Who is responsible for any outstanding bills to be paid when the person owing them has died? Does one get off scott free? Do their relatives have to pay for the debts their loved one had accumulated?

Will or Trust? The Wrong Choice Could Cost Thousands

The average will costs, $400-$500 a trust $2000. Which costs more? Find out the true costs of each and make the most of your estate planning time and dollars.

Certificates of Deposit - What is it?

Define Certificate of Deposit (aka CD) and what is a domestic CD and what are the International CD options such as Offshore CD or Eurodollar Certificates of Deposit. The advantages of International CD are higher interest rates, income tax benefits, anonymity. BNP, Banco Nacional do Panama. London Interbank Offered Rate (LIBOR) discussed.

Charitable Trust Funds

Charitable trust funds provide tax benefits as well as fund charities.

Living Trusts

Benefits of a living trust.

Real Estate Tax - Tax Maps, Real Estate Tax Exemptions, Estate Tax Lien Information and More

On real estate tax. History of real estate tax, property assessor, real estate tax maps; limitations of increasing property taxes with homestead real estate tax exemption; delinquent real estate tax penalties; lien on property and use of tax certificates; about estate tax lien and filing affidavit by executor to remove estate tax lien. Real estate worth more than $1.5 million subject to federal estate tax.

Estate - When Friends And Family WANT Your Money

Few situations have a greater potential for problems as when dealing with money and relatives. If you've ever had a child ask you for a loan or a distant relative request money to start a business, then you know just how touchy these situations can be. Here are some real-life situations, along with some simple steps to help you safely navigate the tricky waters that result from mixing family and finances.

Tax Sheltered Annuity TSA 403b - What is It?

Tax-Sheltered Annuity or TSA (also known as 403(b)) is an alternative retirement savings plan. Tax-Sheltered Annuity benefits are contributions to a Tax-Sheltered Annuity are done through a payroll deduction and are therefore taken out pre-tax. Rollover funds into other investment options such as 401(k), another 403(b) or Individual Retirement Account (IRA). Unlike deferred annuity, there are contribution limits of Tax-Sheltered Annuity. Tax penalties, income tax and excise tax on Tax-Sheltered Annuity.

Estate - Don't Leave Loved Ones In A Lurch

Nothing brings home the importance of having our affairs in order than seeing the effects firsthand in your own family. My mother-in-law's recent death means my family is dealing with the realities of settling her affairs. Her advanced-planning greatly simplified the process. And it will for you, too.

Financial Directive - Advanced Estate Tax Planning, Power of Attorney Issues

What is a financial directive? Financial directive is like power of attorney and is a legal financial instrument that empowers your Agent over all your financial matters and should be a part of advanced estate tax planning. The financial directive is enacted when you become disabled or incapacitated. Discusses limitations of agent as fiduciary with no general or limited power of appointment in the financial directive.

Financial Directive Powers - Real Property, Business, Medicaid, Taxes, Personal Property

How does the financial directive differs in powers from a power of attorney? Collection powers to forgive, request and sue for money. Real property and personal property powers to bargain- banking powers- file and prepare tax returns- family maintenance for customary standard of living- conduct business interests for principal- social security benefits like Medicaid or Medicare.

Estate - Beyond The Living Will

Living wills have received a great deal of attention due to the recent Terry Schiavo situation. Because her end-of-life wishes were in dispute, family members battled each other in the courts over her treatment and care. By having a proper Living Will, you can avoid such confusion. But a Living Will doesn’t ensure you have all your bases covered. There are other equally important documents you must have in place.

Family Limited Partnership-Abusive Tax-Free Wealth Transfer

General Partners in family limited partnerships cause red flags for abusive tax-free wealth transfers. Describe how family limited partnerships work. Gifting to the younger generation as a tax deferral strategy can use two discount estate tax valuations of underlying assets up to 70%. Disadvantages of family limited partnerships do not receive stepped-up basis as bequeathed property. There are capital gains tax liability issues. General partners have no asset protection. Briefly discuss family succession estate planning for asset protection, wealth preservation, avoiding probate, defer capital gains, eliminate estate taxes, reduce income taxes- dispute resolution and control of family business matters.

Division Without Divisiveness

You've probably heard the horror stories - how sometimes families are torn apart by hard feelings stemming from the inequitable division of estates or even from the perception that the division was not fair. As an outside observer, it might be easy to dismiss such cases as pointless, petty, and avoidable. But how easy it is for all of us to repeat the same mistakes that led to these tragic consequences!

In Estate Planning – An Ounce of Prevention is Worth a Pound of Cure

In Estate Planning – An Ounce of Prevention is Worth a Pound of Cure