Many people believe that it is a smart idea to add their children on the deed to their home for inheritance purposes. Generally, the reasons for this are honest in nature. In the majority of cases, people want to help their heirs avoid probate or inheritance tax and think adding the child’s name to the deed is a form of asset protection. Sometimes they may also want to put their child’s name on a house deed to prevent the sale of the home to pay for assisted living expenses.
Traditionally when we think about the administration of a decedent’s estate, we envision a process that focuses on the individual’s tangible personal property and belongings, financial assets, business interests, and real estate.
Estate Planning and Legislation Related to Digital Assets by Greg Reese, President & CEO AmeriEstate Legal Plan, Inc. Traditionally, when […]
Taxes are a major consideration in mergers and acquisitions (M&As). The parties generally can structure a business purchase as either: 1. An […]
The LLC form of company ownership generally shields individual owners (known as members) from personal liability for the debts or […]
Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual Alternative Minimum Tax (AMT). But there's a silver lining: The […]
Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts […]
Are you a recordkeeping pack rat? Many individuals and businesses hold onto paper and digital records indefinitely — just in case. […]
The Tax Cuts and Jobs Act (TCJA) changes the rules for deducting interest on home loans. Most homeowners will be unaffected […]
Are you age 50 or older? If so, you can currently make extra “catch-up” contributions to certain types of tax-favored retirement […]