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How Many Trusts Do I Need?

Posted in Tax News on December 6, 2021

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. 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…

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The Difference Between an Inherited Asset and a Gift Received

Posted in Tax News on August 18, 2013

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?

Posted in Tax News on July 21, 2011

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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