The Elrod Firm

Topic: Tax Considerations

Why Not Deed The House To The Kids?

Justin, my wife and I want to make sure our home goes to our children when we die. I want to deed it to them now because that seems to be the cheapest option. I also figure that will keep the home safe if one of us ever needs a nursing home. My wife is hesitant. Is there any reason we shouldn’t go ahead with a deed now?

How Do Death Beneficiary Forms Work?

Justin, My financial advisor has talked to me about the importance of keeping my accounts out of probate court. He said I can accomplish that using death beneficiary forms his company provides. Are there any details I should know about before going with that plan?

Did I Mess Up Our Tax Returns?

Justin, I just filed my father’s taxes and my own. After I sent in both returns, I stressed out that I might have left out something important. Last year my father gave me $30,000, but I didn’t include that on my return. Have I messed up?

Joe Knows?

It was hard for me to believe that one guy could have so many firmly held but outright wrong beliefs as the man who sat before me in my conference room. The clients I work with are usually some of the most interesting and friendly people you’d ever want to meet. Unfortunately, Joe did not fit that description.

How Do I Protect My IRA?

Justin, I have already listed my wife as the death beneficiary on my IRA, but my financial advisor says I also need to consider adding a contingent beneficiary. What do you think?

Why Not Deed The House To The Kids?

Justin, my wife and I want to make sure our home goes to our children when we die. I want to deed it to them now because that seems to be the cheapest option. I also figure that will keep the home safe if one of us ever needs a nursing home. My wife is hesitant. Is there any reason we shouldn’t go ahead with a deed now?

How Can I Get Around The Gift Tax?

Justin, I want to give some money to my grandson to help him with college, but I heard that I have to keep it under $14,000 or he’ll have to pay taxes on that money. Is there any way around that?

What’s Wrong With My IRA Plan?

Justin, My financial advisor recently raised a concern about the beneficiary designations on my IRAs. He said naming my living trust as a death beneficiary on my IRAs was a bad idea, but I’m not clear on why. Can you shed some light on my situation?

Things Grandparents Should Know about the 529 College Savings Account

The 529 College Savings Account (“529 Plan”) is an estate planning and college savings tool that has its place in a grandparent’s well-rounded estate plan, but the pros and cons should be considered before heading down to your local bank or opening an account online. In addition, as an Elder Law practice, we also want you to be informed about the affect a 529 Plan may have on your long term care Medicaid eligibility.

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