“Receiving an inheritance can be a double-edged sword. On the one hand, it's overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new…
It’s a problem that most people wish they had: a sudden influx of money, sometimes a lot of money. It can be overwhelming, and the most important thing to do is—nothing, at first. The first thing to do when you are newly flush with money, is take a few deep…
Benefits for Social Security survivor children’s benefits are generally made out to a parent or guardian. They are taxable income, but most children do not have enough income to owe taxes on the benefits. According to a recent article “Are Social Security survivor benefits for children considered taxable income?” from…
Whenever there are major changes to tax laws, estate plans need to be reviewed. The change to the kiddie tax because of the Tax Cuts and Jobs Act of 2017 is an excellent example of this. If your estate plan includes passing down traditional IRAs to children and grandchildren, you…
When the family vacation home is passed from one generation to the next, there are certain tax issues to be aware of, particularly the step-up in basis. However, there may also be state taxes. The first part of understanding the tax responsibility when you plan on giving it to your…
Some states are cheaper to die in than others, that is, when it comes to death taxes. The average American doesn’t have to worry too much about paying a federal estate tax, as the current federal estate tax exemption is a generous $5.49 million for 2017 and twice that if…
Regardless of which candidate becomes president and what changes are made in coming years, there will still be a need for estate planning in Texas, and that includes regular folks as well as the ultra-wealthy. If the U.S. federal estate tax were to be eliminated, there will still be plenty…
Long before America was officially involved in World War II, that is, before the Japanese bombed Pearl Harbor, there were Americans involved in the war. One group was the "Flying Tigers," an elite group of fighter pilots employed by the Chinese government in its fight against Japan. Phillip Epley, Sr.,…
Americans love collections and homes across the country boast music collections, rock collections, sea shell collections and the list goes on. Often, these personal collections hold a great deal of sentimental value while their market value is nil. Typically, favored items are passed on to the family members who will…
For heirs, the emotions that come with sudden wealth can be a mix of guilt, loss, anger, regret, relief and hurt, perhaps stewed with long-simmering family rivalries and resentments. Much of estate planning focuses on the technical aspects of leaving behind or receiving an inheritance. Commonly, these include the tax…