There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
If you’ve ever spent time working through your estate plan with a professional, you know how important it is to select and update your beneficiaries.
When you remarry, you’re not only combining residences with your new spouse, you’re also merging your finances. If you have children, it may involve some financial-related stress. For instance, you might need to factor in child support payments or consider whether your new marriage will impact your children’s inheritance.
Planning for your farm’s future has never been more urgent. With one-third of United States farmers older than age 65, it’s estimated that 70% of farmland will change hands in the next 15 years.
Until now, the terms of service for each individual site have determined who has ownership and access after a death and whether the assets are deleted, frozen or can be transferred.
Whole life insurance offers consistent premiums and guaranteed cash value accumulation, while a universal policy provides flexible premiums, death benefits and a savings option.
I am concerned about the SECURE and RESA acts currently being considered in Congress. If either of them passes, my children will lose the inherited stretch IRA ability and face a much higher tax bill upon my demise.
It is estimated that more than 50 percent of all Americans don’t have a will, and in our Future File business, we have estimated that less than 10 percent of the U.S. population has a complete legacy and wishes planning system.
The fact is people’s names often change. People get married and divorced or sometimes just legally change their names.
Gifting interests in a closely held business can be an effective estate planning technique. It can save on estate taxes and reward family members for their hard work in running the family business, while transitioning ownership to the younger generation.
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