Estate planning is an important part of your overall wealth management strategy, especially if you're unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids' financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and estate … [Read more...] about Estate Tax Planning Tips for Single People
Archives for March 2019
Can You Have Too Much Tax Deferral?
Taking steps to defer your individual federal income tax bill is often a good idea. If you expect to be in the same tax bracket in future years, lowering this year's taxable income will postpone your tax bill and give you extra cash to work with until the bill comes due. If your tax rates turn out to be lower in future years, deferring taxable income into those future years … [Read more...] about Can You Have Too Much Tax Deferral?
How to Combine Home Sale Gain Exclusion with a Like-Kind Exchange
Originally published by Thomson Reuters on February 12, 2019 Over the years, real estate has proven to be a lucrative investment for many households. And, in some parts of the country, current market values have surpassed levels seen prior to the 2008 financial crisis. If your principal residence has appreciated significantly in value, you may be subject to … [Read more...] about How to Combine Home Sale Gain Exclusion with a Like-Kind Exchange
Five Reasons to Update Your Estate Plan
Time to Update Your Estate Plan? Important Reasons to Review and Update Your Estate Plan Let’s assume you are among the approximately 30% of adults who have done the prudent thing and established your Estate Plan. Perhaps you simply created a Will. Have you had it professionally reviewed in recent years? Make sure your plan is still the most suitable for your current … [Read more...] about Five Reasons to Update Your Estate Plan
Using the Deferred Sales Trust™ to Rescue a Failed 1031 Exchange
1031 Exchanges and Deferred Sales Trust™ are both based on the structuring of sales transactions to avoid actual or constructive receipt of the immediate sales proceeds by the seller. Used as a backup strategy, the Deferred Sales Trust™ preserves tax deferral when the seller cannot successfully complete a 1031 Exchange or does not wish to reinvest back into real estate. … [Read more...] about Using the Deferred Sales Trust™ to Rescue a Failed 1031 Exchange