Is it Ever Too Soon to Start Estate Planning?

Have concerns about whether you should start estate planning? Understand that it’s never too soon to take these important steps. Estate planning is a necessary step that those who have a large amount of money and property must consider before they pass. However, because it is so complex, many people prefer putting off this planning. Others are simply not yet ready to admit their morality.
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

Estate Planning Mistakes Everyone Makes and How to Avoid Them

Will your loved ones have to pay the price for estate planning mistakes you made? Many people in America will die with no estate plan at all. Don’t beat yourself up if you discover your well-thought-out plan is full of estate planning mistakes. You’re still a step ahead of most people. Trying to do estate planning on your own usually means that mistakes are inevitable.
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

What’s The Difference Between a Will and a Trust?

There are many differences between drafting a will and trust, but both options are great for securing your financial future. The time has come to secure your assets for the future; the first step is to choose between a will and trust. Both options allow you to pass on your property as you see fit, but the manner of doing so can differ significantly. Keep
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

The Ugly Truth about Death and Taxes

Death and taxes really do go hand in hand. Here’s how to avoid a mess for your loved ones. The old cliché states that nothing is certain except death and taxes. But what it fails to address is how tax situations grow even more complicated after death. The estate tax has long been a hotly debated topic in politics and with good reason. These taxes have
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

Estate Planning Help to Protect Your Assets Now and For Your Family

Estate planning help can ensure a secure financial future for your family. People often mistakenly assume estate planning help is only for the wealthy. But in reality, all families can benefit from a well-rounded estate plan that protects their assets. As you plan for the future financial security of your loved ones, keep these key planning strategies in mind: Create a Will or Trust This
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

The Final Friday 5: Top 5 Estate Planning Tips

Which estate planning tips can help me put together a plan that will take care of my family?
 You might be wondering why you should look into estate planning tips before getting started. Estate plans provide you and your loved ones with peace of mind. However, if they aren’t composed properly, they can create more issues down the line. The last thing you want is
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

Estate Planning Strategies to Protect Your Assets Now and For Your Family

If you’re trying to plan for the future and protect your assets, estate planning strategies and tips can benefit you and your loved ones. 
Researching estate planning strategies is an excellent idea for anyone worried about the possibility of losing assets. Due to unforeseen issues, even plans made with the best of intentions can fail to leave enough for family members. Properly constructed estate plans
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Categories: TRUSTS, ESTATES & FIDUCIARIES.

“Not-for-Profit” Rentals result in Bad Tax Consequences

Many real estate investors aren’t aware of WHAT allows expenses to be tax deductible. The answer is: a business purpose and profit motive. If you lack one or both, an IRS audit on your rentals will not turn out well, because expenses you thought were deductible are disallowed. The IRS calls these “not-for-profit” activities. Your “rentals” may appear to be “not-for-profit” rentals when you: Charge
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Categories: ASSET PROTECTION and TRUSTS, ESTATES & FIDUCIARIES.

Collecting Fair Market Rent is Vital to Tax Deductions

Beware: If you don’t collect fair market rents (FMR) on your rental properties, your tax deductions may be disallowed by the IRS. The reason is that the Tax Code requires that deductible expenses have a business purpose AND that you have a profit motive in order to take tax deductions. If audited by the IRS, you may have to prove that you’re collecting FMR, which
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Categories: ASSET PROTECTION and TRUSTS, ESTATES & FIDUCIARIES.

Real Estate Sales can be Audited Back Six Years

Ordinarily, the IRS has three years to audit you after you file your tax returns, but some returns can be audited back six years. These audits often involve real estate sales when IRS believes you omitted 25% or more of your gross income. When it comes to real estate sales, IRS argues that taxpayers claimed excess basis for a property when it was sold, resulting
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Categories: ASSET PROTECTION and TRUSTS, ESTATES & FIDUCIARIES.