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The simple answer to this question is: Yes, you can. However, not all gifts to a church, or any charity for that matter, are the same. You can choose to give money to a charity as an outright gift, or as a gift inside of of your estate planning documents like a trust. You can choose to leave money to a charity, or leave property in kind to a … [Read more...]
How To Legally Protect Your House & Cover Long Term Medical Costs
A few years ago, I heard a commercial on the radio exhorting people to use a Realtor to buy or sell their house. The commercial’s reasoning was that Realtors have a higher level of training and education. The commercial talked about how your house is often your most valuable asset, and that a Realtor could help you in protecting your house. … [Read more...]
What You Need to Know About the SECURE Act
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) changed the rules concerning retirement accounts. The SECURE Act became effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required … [Read more...]
Are Trusts Taxed? [Answered]
I get asked the question above on an almost weekly basis. The short answer is that if you put your assets into a trust, you still get taxed. A trust is not a magical way to avoid all taxes on assets, despite persistent myths to the contrary. A trust can help to minimize taxes, but not eliminate taxes completely. The IRS publishes a list of … [Read more...]
Estate Planning for Life’s Two Certainties: Death and Taxes
Nobody likes taxes...well, nobody likes to pay taxes. Many people might like the benefits that taxes provide, but nobody likes to pay the taxes. I remember reading a fake news article (which I cannot find on the internet now!) where a man was surprised to learn his taxes were going up. He said that he voted for all of the new parks, recreation … [Read more...]
Are Trusts Still Useful If The Estate Tax Is Repealed?
The estate tax is a hotly debated topic among politicians. Some people, generally Republican, say the estate tax should not exist because income tax, sales tax, property tax, and other taxes have already taken enough away from a person by the government. This same party argues that financially successful people should not be taxed again at death, … [Read more...]
