Understanding capital gains tax is critical when dealing with appreciated assets. In the event that you sell anything for more than what you bought it for, you will need to report this capital gain to the IRS. In turn, the IRS will levy taxes against the gains.
In September we celebrate both Grandparents Day and National Assisted Living week. In honor of the elder members of our society, we encourage everybody to take a step back and appreciate all that our senior community members provide in terms of experience and wisdom. We also encourage you to take this time to evaluate your (or your loved one’s) current legal and estate plan status.
st to what usually happens during recessions and what most economists assumed would happen during the COVID-19 pandemic.
Managing large sums of money and property ownership can be difficult. In the case of sisters Rosalyn and Sarah, a divorce settlement turned into a difficult legal situation before an irrevocable trust arrangement saved the day.
Having a child head off to college is a time of great pride and uncertainty. If your child is going to school non-locally or out-of-state, you might have anxieties about him or her being so far away from home. However, distance isn’t the only thing that college parents have to worry about; they also have to deal with the fact that their children are becoming legal adults.
The boilerplate advice for creating an estate plan is equality. If you have multiple adult children, an estate divided unevenly can sow seeds of discord. It is not unusual for families to suffer divides after the death of a parent if one of the beneficiaries feels as though the estate plan was unfair.
In pop culture news, one of the biggest stories currently circulating is Britney Spears’ conservatorship. According to the courts, her conservatorship has been in place since 2008. This high-profile case has brought a little-understood piece of US law into the spotlight: the role of conservatorships.
Many Americans believe that an estate plan consists of nothing but a will. While it is possible for some persons to benefit from simple wills, most people would benefit from a more complex estate plan to better suit their financial wants and needs.
Long-term care planning often presents a lot of financial difficulty to families. In fact, estimates from the National Institute of Health state that over 40% of persons who live to the age of 70 will spend at least some amount of time in a nursing home before they die.
One of the most important conversations to have as a family is how to handle the finances of aging loved ones. Naturally, most individuals wish to maintain personal control over their assets for as long as possible; however, incapacity at old age is a reality. If your loved one loses the ability to make decisions, somebody will need to make those decisions in their stead.