Category: Tax Planning
There are programs available that allow you to design your own estate plan, but beware of the problems. The do-it-yourself estate plan may seem simple but can create some serious problems, according to the Northwest Indiana Business Quarterly article “Dangers of DIY Estate Planning.” The article discusses many potential pitfalls of creating your own estate […]
There are many, many answers for the best time for estate planning. The best time for estate planning for you is when you are thinking about getting an estate plan, but as the Lowell Sun points out in “Summertime is right time for estate planning,” other answers are also possible. The article suggests that getting […]
The IRA requires that a final tax return be filed after a person dies and there can be complications. When a person dies the IRS will collect any tax due from the first of the year to the date of death and that requires an income tax return be filed. US News & World Report […]
Should you suddenly become uber-wealthy, you’ll want to purchase a pricey art collection, which is 2.6 percent of the biggest estates. For those with only $10 million to $20 million in assets, a small collection, valued at about 0.6 percent of your estate, is almost de rigueur. There are extreme differences in the super rich […]
Taxes and inheritance issues go together like Halloween and trick or treating. Tax planning is a critical part of estate planning, and families who wish to transfer assets from one generation to the next need to prepare for both aspects, as settling an estate can easily become quite complicated. Many estate plans include the use […]
With the holiday season on the horizon, the end of year financial season has arrived. It’s time to deal with money issues relating to income tax planning, charitable giving and scams and the annual check up on family finances. There is not too much in the way of tax drama in the final weeks of […]
With every state seeking additional revenue and every candidate seeking additional votes, estate taxes have become part of many politicians’ platforms. Most of us pay more attention to estate taxes on the federal level, but estate taxes on the state and federal level have changed a lot in recent years. Not everyone is clear on […]
It is impossible to know how events will play out, both on a grand scale and in small and unexpected ways. Last minute decisions, like those of the rock musicians who won seats in bets and then were killed in the Buddy Holly plane crash in 1959, are often said to be a function of […]
Collectors of fine art are advised not to think of their collections as investments, but collectors cannot ignore the value of their art portfolio, nor should they fail to consider what will happen to the artwork when they are not around to appreciate it. And as the art portfolio grows in value, whether through acquisitions […]
The expressions change from country to country, but the sentiment remains the same: passing family wealth from the first generation to the second generation is difficult, and extending it to the third generation is nearly impossible. Described as “clogs to clogs in three generations” by the British, “from shirtsleeves to shirtsleeves” from the Americans, and […]
