In estate planning involving spouses there may be issues surrounding how to deal with separate property acquired prior to marriage or as a result of inheritance. As part of your estate planning consultations with your attorney, you may be asked whether you wish any particular property or financial assets you currently consider to be your sole and separate property to remain your sole and … [Read more...] about Deciding Whether to Convert Separate Property to Community Property
Have you ever kept a New Year's resolution for the entire year? Every January, millions of Americans make promises to eat less, exercise more and save for the future. But most resolutions are forgotten by spring. However, there are ten promises that relate to your financial health that you can't afford to abandon. 1. Make a financial plan. Creating a financial plan forces you … [Read more...] about 10 New Year’s Resolutions to Improve Your Personal Financial Position
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must implement new revenue recognition rules in fiscal years that start after December 15, 2018. Are your accounting systems and personnel ready for this fundamental shift in financial reporting? The effects will likely be more far-reaching than expected, based on feedback from public companies that … [Read more...] about Revenue Recognition: New Rules Go Live for Private Companies
Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year's taxable income will postpone your tax bill and give you extra cash to work with until the bill comes due. If your tax rates turn out to be lower in future years, deferring taxable income into those future … [Read more...] about Can You Have Too Much Tax Deferral?
Estate planning is an important part of your overall wealth management strategy, especially if you're unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids' financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and estate taxes. Fortunately, … [Read more...] about Estate Tax Planning Tips for Single People
Why Should You Consider the Deferred Sales Trust? If you are considering the sale of a business, corporation, or investment real estate, you may face capital gains tax associated with that sale. For the investor who does not want to continue holding investment property or remain in the same business, a Deferred Sales Trust should be considered. According to Section 453 of the Internal Revenue … [Read more...] about Primer on the Deferred Sales Trust (DST)
Roughly one in five Americans in the workforce believe that "working for pay" will be a major source of their retirement income. This is according to the "2018 Retirement Confidence Survey" produced by the Employee Benefit Research Institute (EBRI). Nearly half of respondents believe paid work will be a minor source of retirement income for them. This widespread expectation of working in … [Read more...] about Effective Retirement Planning Includes Contingencies
By Greg Reese, Principal Reef Point, LLC Certified Trustee for the Deferred Sales Trust The DST starts with an owner of an appreciated asset who wishes to sell that asset and defer taxes on his or her gain. In order to defer the gains on the sale, the seller/taxpayer must engage with the Estate Planning Team (EPT) and its Tax Attorneys BEFORE the property is actually sold and the seller/taxpayer … [Read more...] about How Does The Deferred Sales Trust Work?
A Legal, Tax-Based Strategy for Deferring the Payment of Capital Gains Taxes By Greg Reese, Certified Trustee for the Deferred Sales Trust Today we bring you Part 2 of our series covering the Deferred Sales Trust (DST). The DST is a legal, tax-based strategy for deferring the payment of capital gains taxes. Greg Reese, AmeriEstate Legal Plan, Inc., President and CEO and Principal of Reef … [Read more...] about The Deferred Sales Trust (Part 2)
A Legal, Tax-Based Strategy for Deferring the Payment of Capital Gains Taxes By Greg Reese, Certified Trustee for the Deferred Sales Trust Today we begin our series of AmeriEstate articles covering the Deferred Sales Trust (DST) as a legal, tax-based strategy for deferring the payment of capital gains taxes. Greg Reese, AmeriEstate Legal Plan, Inc., President and CEO and Principal of Reef … [Read more...] about The Deferred Sales Trust (Part 1)