Posts Tagged ‘Estate Planning’


How Many Trusts Do I Need?

grandfather, grandsons and notebook

Estate Planning can get tricky. One tool that is frequently used is a trust. Many trusts are set up as revocable (“rev”) trusts.  This means the person that formed the trust can amend or change it at time during their lifetime. When someone with a revocable trust passes away, the trust then becomes irrevocable, which means … Continue reading »


Why I Asked My Daughter to Give Me a Power of Attorney

http://www.dreamstime.com/royalty-free-stock-photo-power-attorney-image27474485

Recently my daughter turned 18.  In Connecticut this is considered the age of majority.  In other words, she can make her own decisions.  Well, that’s what the law says.  However, she’s still living under my roof, so, well, she’s got to deal with me.  It’s probably more accurate to say however, that I have to deal with her.

A Power of Attorney … Continue reading »


Happy New (Tax) Year…Unlucky ’13?

 

The New Year’s celebrations are over.

It’s on to 2013.

Will this be unlucky 2013 for taxpayers?

We wrote earlier how there are 8 Reasons You Will Pay More Taxes in 2013…Guaranteed.

We also pointed out Why the Fiscal Cliff is Fiscally Irresponsible.

The reality is there will be tax increases.  How much they will be and who will pay them … Continue reading »


8 Reasons You Will Pay More Taxes in 2013…Guaranteed

 

1) Increase in Ordinary Income Tax Rates

The highest ordinary income tax rate is 35%.  This is scheduled to go up to 39.6%

 


5 Reasons Donors Should Give Appreciated Property

Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis.  Cost basis is generally what was paid for an item.


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