The tax deduction for mortgage interest has long been a favorite of American taxpayers. After all, home and property ownership are linchpins of the American Dream. The new tax reform law, however, contains provisions regarding the mortgage interest deduction that may affect Americans who own, or hope to own, a vacation home. Before the 2017 tax...
Rachel held her newborn granddaughter, Sophia, and dreamed of her future. She saw her celebrating all the “firsts” – first birthday, first day of school, first date. Rachel smiled as she imagined Sophia proudly accepting her diploma from the college of her choice. Her smile faded as she next saw Sophia buried under a mountain of...
Every trust contains a trust maker, a trustee, and at least one beneficiary. Trusts vary, however, in why and how they are established. Before creating and funding a trust, it’s important to know a little about the different types of trusts. In this blog, we’ll take a look at the difference between revocable trusts and irrevocable...
Elizabeth, a 49-year old Washington resident, died leaving real property including a vacation home in Florida. Jack, an entrepreneur who lived in Massachusetts at the time of his death, left behind an estate that included credits due from Florida residents. And Dana passed away in Minnesota, but had liens on property located in Florida. What do...
Sometimes, simple is not best. Estate planning should be tailored to meet the needs of your life, and sometimes that life is complicated. High Net Worth estate planning strategies may be right for you. Basic estate planning is . . . A simple plan typically includes a Will, a durable power of attorney, a healthcare power...
Trusts have been a powerful, yet evolving, estate planning tool for a long time. As trusts have changed, the need for extra protection and a way to modify trusts became apparent. Trust protectors, sometimes also known as Trust Advisors, may meet both needs. Just as it’s important to understand the type of trust that is appropriate...
Tightrope walkers need a safety net. Fire fighters also may use them when rescuing people from a burning building. It may surprise you to learn that even your estate planning may benefit from a safety net of sorts. A pour-over Will may prevent your assets from falling into the probate abyss or being devoured by estate...
Many estate plans include strategies to reduce estate taxes and transfer wealth to beneficiaries with the least tax burden possible. But what happens to the funds in retirement accounts when the account holder passes away? Retirements funds often represent the bulk of an individual’s liquid assets, so it’s natural that 401(k)s and IRAs can make significant...
After a long stint serving as the leader of the family business, you may decide it’s time to sell. It may be an emotional time, or just business as usual. Still, selling a business brings forth many considerations and questions. Making the Decision. Consider how the business is owned. Is there one owner (mom or dad,...
Buying real estate of any kind, in any location, requires due diligence and attention to details. Is the location right for you? Is the property being bought for personal use or to generate an income? Adding real property to your portfolio may increase the value of your portfolio. Increasing or decreasing the value of your assets...
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