In this episode, Justin and Drew talk about tax issues that often come up when working on an estate plan. They get into tax issues that people tend to worry about but shouldn’t and tax issues that people should worry about but don’t, touching on estate taxes, gift taxes, capital gains taxes, and taxes relating …
Lindsey, How do I protect my family when I pass away so that all my money won’t go to pay death taxes? – Keisha Keisha, this is actually a very common question. First, there are some taxes you can’t avoid. These are the taxes you would have paid even if you were alive: income taxes. Generally, …
James, I know that I want my children to get the home and land when I die, so why not just give them a deed now so that they can avoid probate. They don’t care to let me live here and have promised to let me stay here as long as I like. – Tony …
Lindsey, I’m interested in a living trust, but everyone keeps telling me that a trust will make my income taxes go up. Is this true? – John John, the best lawyer answer I can give you is it depends. It’s true that some trusts can change your tax liability, but it all depends upon the …
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?
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?
Justin, I recently worked with an attorney to create an estate plan centered on a trust. Can I relax? Am I protected now?
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?
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.
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?
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