Blog Archives

How Many Trusts Do I Need?

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


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The Difference Between an Inherited Asset and a Gift Received

Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold. Inherited Asset For an inherited asset you generally take this asset over at the Fair Market Value at the


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So if I Catch a "Baseball", I May Owe Taxes to the IRS?

Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him.  These items included tickets, signed bats,


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