Think twice before you put somebody else’s name on on your bank accounts. Using trusts or powers of attorney can give you the flexibility you want without exposing your assets to unnecessary risk.
Posts Categorized: Estate Planning
Are You Looking for a Retirement Career?
From The Wall Street Journal Online (June 19, 2011): For retirees calling it quits from the 9-to-5 world, it might be worth considering another career move: landlord.
Don’t fall prey to the 2011 “Dirty Dozen” tax scams
There is a big difference between tax avoidance (which is legit) and tax evasion (which is not). Although it can be frustrating at times, we are nevertheless called upon to render unto Caesar what belongs to Caesar. If you don’t like what you have to render, take it out in the voting booth, not on your tax returns.
Doing Well and Doing Good with Charitable Remainder Trusts
By creating a Charitable Remainder Trust (CRT) and selling assets low basis assets through it, a donor can reap dramatically increased income, get a nice income tax deduction, and benefit a favorite charity. Not a bad way to recover from an IRS-induced April 15 headache.
From Businessweek (April 26, 2011) “Growing Ranks of Non-Traditional Couples Face Uncertainty, Expensive Rules”
Taxes, estate planning, and other financial issues can be extremely complex for both gay and straight unmarried couples. The good news is that there are some helpful solutions to the issues.
Three Classic Estate Planning Blunders
Your estate plan is kind of like a parachute. You really want it to do what it is supposed to do when it is supposed to do it. Unfortunately, many estate plans don’t accomplish their intended purposes. This short article explains three primary reasons why many estate plans fail.
Easy come . . . easy go. Would my beneficiaries behave differently?
A sudden windfall can be a blessing or a curse. It pays to structure inheritances carefully so that the people we intend to bless will be blessed indeed.
Fundamental Estate Planning
For many of us, estate planning is an uncomfortable subject. That’s understandable, but there are adverse consequences to avoiding it.
Beware Bargain Estate Plans
By not paying for what you really need, you can end up paying too much for a bargain-basement estate plan. This article gives you 12 questions to ask before engaging an estate planning attorney.
IRA Do’s and Dont’s
A recent Morningstar Advisors article outlines some estate planning strategies to take maximum advantage of your IRA’s tax-saving benefits.