Estate Planning and Your Second Home: What Should You Know?
June 10, 2024
Thinking of buying a second home? Beware of real estate pitfalls when purchasing your vacation house.
The Pitfalls of Adding a Child to Your Home’s Deed
February 20, 2024
While adding a child to your home’s deed might seem straightforward to manage your estate, it’s fraught with potential problems and complications. This article reviews the implications and alternatives to adding a child to your home’s deed, with the goal of ensuring your estate plan is effective, efficient, and aligned with your long-term intentions.
Taxes that Affect an Estate
January 17, 2024
Estate tax and inheritance tax significantly impact an estate’s value. Estate tax is levied on the estate’s total value at death before distribution to beneficiaries. In contrast, inheritance tax is imposed on the beneficiaries based on the value of assets received. Understanding these taxes is critical for effective estate planning…
Do I Pay Taxes When I Inherit?
September 20, 2023
An inheritance is a windfall that can absolutely help someone’s financial situation — but it can make your taxes tricky.
Transferring Property to Heirs? Skip Top Five Mistakes
August 23, 2023
Death is inevitable, but dying without an estate plan is not. Estate planning is a must for property owners, no matter how uncomfortable the subject might make you.
What’s Is the Best Way to Give to Charity?
January 5, 2023
It may be better to give than to receive. However, it may be even better to give and see your generosity rewarded.
How Do I Give My Children the Summer Home?
December 28, 2021
Whether you own a cabin in the woods or a mansion at the beach, creating an estate plan will determine the best way to distribute a home to your children.
Why Do People Give to Charities at End of Year?
November 8, 2021
With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.
What Taxes are Due When Children Inherit Home?
July 7, 2021
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?
Would Life Estate Have an Impact Taxes on an Inherited Home?
March 15, 2021
My mother died this year and when my sister and I went to sell her home, we found out that without our knowledge, our mom had put us on the title as joint owners, even though neither of us had put any money into the purchase of the home some 30 years ago. Are we now on the hook for taxes on the gain in house value?