What is Probate?
In legal terms, probate is the general administration of your estate — with or without a will. Your will should contain the name of your executor. If it doesn’t, then an administrator will need to carry out the probate process instead. This might result in your assets being used to pay the liabilities for your […]
Exploding Some Estate Tax Myths
If you own property and assets or have loved ones who depend on you to provide income or care, you should have an estate plan. However, some people hesitate to create one, fearing that taxes will eat up the lion’s share of their estate. But even though estate taxes are real and rates are high, […]
529 Plans: Know the Basics
There are two kinds of 529 plans: prepaid tuition plans and savings plans. Prepaid tuition plans (available in only nine states) allow you to pay current tuition rates for future attendance at designated colleges and universities; they are a way to lock in a lower cost for college attendance. The savings plans allow you to […]
Working in Retirement: Does It Affect Your RMDs?
You may have many questions about working after retirement. Can you still contribute to retirement accounts? How does working affect your required minimum distributions? Let’s start with contributing to retirement accounts. You should be able to contribute to your employer’s qualified retirement plan regardless of your age. In some instances, you can also contribute to […]
How To Avoid Too Much Tax Withheld
Imagine the IRS offering an apology with your tax refund: Sorry, here’s your money back. In the 2022 tax season, more than 110 million taxpayers received a tax refund — and bragged about it! The average refund was $3,252. Instead of having the money sit in IRS coffers all year, that money could have been […]
Do Cash-Outs Come With A Tax Break?
First you need to understand what a cash-out refinance is. In such a refinance, you swap your existing mortgage loan for a new mortgage in which you borrow a higher amount. You use the found cash to pay for whatever you’d like. For example, say you owe $150,000 on your current mortgage. You might refinance […]
Estate and Gift Tax Planning and the TCJA
It is somewhat unusual to highlight 2026 taxes in 2024, but we are in an unusual situation: Many of the provisions in 2017’s Tax Cuts and Jobs Act will expire at the end of 2025 unless Congress acts to extend them. Taxpayers need to be aware of how they will be affected so they can […]
What Are Trusts and Do You Need One?
When it comes to estate planning, one of the most important factors to keep in mind is that trusts are formed in accordance to state, not federal, law. That’s why it is so important for people who want to establish a trust to consult with a tax law expert who specializes in the laws within […]
Tax and Homeownership
One of the most significant tax benefits you as a homeowner will enjoy is arguably the mortgage interest deduction. This is applied to the interest you pay on your mortgage for your primary place of residence, though it may also apply to your second home or vacation home. For more insight into the specifics of […]
Taxes and Divorce
Is your relationship coming to a close? If so, you are likely feeling a lot of sadness, confusion, dissatisfaction and unhappiness. In addition to all the emotions that arise in the face of separation and divorce, you’re also expected to think about the way your tax filing status will change. But what happens when the […]
