December 4, 2013 |
Considering Gifting Your Home? Read This Before You Give Away The Castle.
Many parents want to believe that their children would never kick them out of their own home. However, the sad reality is that this has ...
Learn MoreConsidering Gifting Your Home? Read This Before You Give Away The Castle.
Many parents want to believe that their children would never kick them out of their own home. However, the sad reality is that this has been the subject of more than one lawsuit. As a recent article explains, if you are considering gifting your home to your child or children, it is important to consider that possibility and other consequences.
First, the gift of a home is often a taxable gift. If a parent signs a deed gifting the house to their children, he or she should file a gift tax return as well. If this gift tax return is not filed, the parent may lose the ability to claim an exemption from the gift tax and may owe taxes on the transaction.
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Blog
December 3, 2013 |
Put It In Inc.: Using Corporate Formation to Shield Assets
Without the proper protection, a single claim against a person’s business can cause financial ruin for the owner. Importantly, a person’s business extends to more ...
Learn MoreNovember 28, 2013 |
Our version of TMZ: Estate Planning Blunders & The Famous People Who Committed Them
Famous people are like us in many ways. They are born, they pay taxes, they make estate planning blunders, and they die. A recent article ...
Learn MoreNovember 27, 2013 |
Considering Providing In-Home Care for a Loved One? Read This First
For some elderly citizens, remaining at home is no longer an option. Either physical or mental deterioration makes it impossible for them to carry out ...
Learn MoreNovember 26, 2013 |
Three Investment Structures for Asset Protection & Tax Planning
There is no one-size-fits-all asset protection strategy. Rather, asset protection needs to be completed for each individual or family and is based on particular needs. ...
Learn MoreNovember 21, 2013 |
Give Serious Consideration to End of Life Decisions
One major part of estate planning is determining what kind of care, if any, you would like to receive at the end of your life. ...
Learn MoreNovember 20, 2013 |
Information Overload: The Need to Know for Seniors and Medicare
With the changing field of health coverage and insurance thanks to the Affordable Healthcare Act, senior citizens who receive or are anticipating receiving Medicare may ...
Learn MoreNovember 19, 2013 |
Circle of Life: Live Events That Affect Your Asset Protection
Asset protection planning does not happen all at once. Rather, an individual’s or family’s asset protection strategies should grow and evolve with them. A recent ...
Learn MoreNovember 14, 2013 |
Choosing Your Executor
One of the most important estate planning decisions a person can make is deciding who will serve as the executor of the estate. This is ...
Learn MoreNovember 13, 2013 |
Long Term Care Planning: Understanding the Medicaid Look-Back Provision
For those engaged in the process of Long Term Care Planning, perhaps the most intimidating proposition is Medicaid’s look-back provision. This provision provides that certain ...
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