Are you considering transferring real estate, a family business or other assets you expect to appropriate dramatically in the future? If so, installment sale may be a viable option. Its benefits include the ability to freeze asset values for estate tax purposes and remove future appreciation from your taxable estate. GIVING AWAY VS. SELLING From [...]
When is a loss actually a gain? When that loss becomes an opportunity to lower tax liability, of course. Now’s a good time to begin your year-end tax planning and attempt to neutralize gains and losses by year end. To do so, it might make sense to sell investments at a loss in 2018 to [...]
Many people reach a point in life when buying some life insurance is highly advisable. Once you determine that you need it, the next step is calculating how much you should get and what kind. CAREFUL CALCULATIONS If the coverage is to replace income and support your family, this starts with tallying the costs that [...]
One could say that there are only two key milestones in retirement planning: the day you begin participating in retirement savings account and the day you begin drawing money from it. But, of course, there are others as well. One is the day you turn 50 years old. Why? Because those age 50 and older [...]
A home is the most valuable asset many people own. So, it’s important to remain aware of the tax impact of home ownership and to carefully track the debt you incur to buy, build or improve your home – known as “acquisition indebtedness.” Among the biggest tax perks of buying a home is the ability [...]
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation. IDENTIFY KEY [...]