People sometimes assume that things take care of yourselves if you pass away without an estate plan. They are under the impression that estate planning is something that is only important for very wealthy people. In fact, you should definitely have an estate plan in place, even if you have a relatively small estate. Everyone has belongings that have some value, and there are heirlooms and other items that may have sentimental value. You should carefully evaluate what you have to pass along, … [Read more...] about Is Estate Planning Necessary If I Have a Small Estate?
When you are planning your estate, you must determine whether or not you have any estate tax liability. To do this you could prepare a statement of net worth. This is simply a balance sheet that you utilize to inventory your assets and your debts. When you do the math, you can see where you stand with regard to estate taxes. New Jersey State Estate Tax In New Jersey we have a state-level estate tax. We are in rarefied company on this front, because there are just 13 other states in the union … [Read more...] about Are You Exposed to the New Jersey Estate Tax?
A qualified personal residence trust is an estate planning device that can potentially provide estate tax efficiency if own valuable real property. Before we examine the value of qualified personal residence trusts, we will provide some information about the estate tax parameters. We will also look at the federal gift tax, because it is relevant when you are talking about qualified personal residence trusts. Taxes on Asset Transfers The federal estate tax looms over the horizon if you have been … [Read more...] about Real Property and the Estate Tax Consequences
Find out more about Alan Augulis by following the link below. You will be directed to his profile on A VVO.com. … [Read more...] about New Member of AVVO.com
We would like to direct our attention away from estate planning matters for a moment to make a direct appeal to our readers. There are organizations actively assisting Hurricane Sandy victims, including the Red Cross, the New York Blood Center, The Salvation Army and others. As resources go out to assist those in need they must be replenished so that these entities are prepared to help when the next disaster strikes. Please donate what you can to bolster these organizations that are doing so … [Read more...] about Donate Now to Help Hurricane Sandy Victims
A lot of people are interested in giving something to charity when they are making plans for the future. One of the things that you want to consider to this end is going to be how well the charitable cause utilizes the resources that they have. You may have heard stories about some charities having very high administrative costs including very significant salaries paid to executives. Some people have no problem supporting top-heavy charities, but there are others who would prefer to contribute … [Read more...] about Obtaining Details Before Giving To Charity
When you are parents and grandparents the health and well-being of your family members is of tantamount importance to you. As we all know, money is important but it does not provide happiness or holistic success as a person in and of itself. This is something that many people take to heart when they are planning their estates, because receiving too much too fast can sometimes do a person more harm than good. The last thing that a well-meaning elder would want to do would be to extinguish the … [Read more...] about Estate Planning & The Seeds Of Success
Estate planning involves the distribution of your financial assets to your heirs upon your death, and many people assume that the way this is done is through a will. Though it is true that wills are often used to define the terms of asset distribution, there are other vehicles for transferring assets that have a lot of appeal to many people. One of them is the revocable living trust. When you are planning your estate you invariably want to make things simple for your loved ones after you pass … [Read more...] about What Are Revocable Living Trusts?
An IRA, or individual retirement account, is one of the most popular ways to save for retirement. An IRA can be created at a bank, a brokerage firm, or a mutual fund company. IRAs differ from pensions and 401(k) plans in that individuals, not employers, typically open them. Tax Benefits You can deduct the money you deposit into an IRA from your taxable income, thus reducing your tax burden. This tax shelter saves many investors a great deal each year, since this portion of their income is no … [Read more...] about Everyone’s Guide to IRAs