Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.Income Tax Basis … [Read more...]
Use Trust Protectors for Added Protection and Flexibility
Trust Protectors are increasingly popular in trusts. This article examines how Trust Protectors can add flexibility to your trust. This flexibility helps achieve your goals and can protect the beneficiaries and Trustee.Use Trust Protectors for Added Protection and Flexibility … [Read more...]
How Will You Obtain the Care You Need?
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need.How Will You Obtain the Care You Need? … [Read more...]
Income Tax Basis in Estate Planning
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies.Income Tax Basis in Estate Planning … [Read more...]
Make Your Own Plan
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. If you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most.Make Your Own Plan … [Read more...]
Planning for Special Needs Children
Planning is important when providing for any of your children. But planning is even more important for special needs children. Without proper planning, an inheritance can jeopardize a special needs child’s needs-based benefits, such as SSI or Medicaid. Read on to learn more about planning for special needs children.Planning for Special Needs Children … [Read more...]
What Is a UTMA Account?
The moment you found out you were going to be a parent, you probably started worrying about, and planning for, your child’s future. Estate planning also took on a heightened importance because you wanted to be certain your child was protected if something happened to you. One tool in the estate planning toolbox for parents is a Uniform Transfers to Minors Act (UTMA) account. For those who are unfamiliar with this tool, a Nashua estate planning attorney at DeBruyckere Law Offices explains what a … [Read more...]
Why Planning Ahead Matters – Death Is Expensive
For obvious reasons, most people don’t want to spend much time contemplating their own funeral and burial. Consequently, people often fail to incorporate funeral planning into their estate plan. That failure to plan, however, can leave loved ones faced with a financial nightmare. As a Beverly area estate planning attorney at DeBruyckere Law Offices explains, planning ahead matters because the reality is that death is expensive.Who Pays the Price If You Fail to Plan Ahead?You undoubtedly … [Read more...]
Are You a Vietnam Vet? If So, What You Need to Know about Veterans Benefits and Help for PTSD
Instead of coming home to a parade full of appreciative well-wishers, most Vietnam vets came back to streets full of hostile protesters. Sadly, these men and women who sacrificed so much for their country, were often forced to pretend as though they were never in the war just to avoid confrontations. As a consequence, many Vietnam vets never receive the psychological counseling they should have given the traumatic events they went through during their tour of duty. Now, almost half a century … [Read more...]
What Is a Spendthrift Provision in a Trust?
For many people, protecting and providing for loved ones after they are gone is one of their most important estate planning goals. If you are among those people, the idea that the assets you pass down to those loved ones might be squandered will undoubtedly not sit well with you. If you are concerned about a specific beneficiary, or you just want an extra layer of protection from the possibility that an inheritance won’t be managed well, you might want to consider adding a spendthrift provision … [Read more...]
