For the Love of Your Family

Articles to LIFT Your Family

How to Benefit from an Estate Plan When You Own Real Estate

Many parents believe that by adding a child’s name to a property deed, they can pass along the property outside of probate. Unfortunately, those who act on that belief often find they have invited more problems than they have avoided. This is because in many states, when more than one person owns property together and […]

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5 Steps to Fix Your Battered Retirement Plan

It’s no secret that a majority of Americans are ill-prepared for retirement.  A recent Forbes.com post detailed the 5 steps you can take now to being repairing the hole in your retirement plan: Pay yourself first. Set up an account that is not easy for you to access and start filling it with a significant […]

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Debunking 4 Common Myths About Gift Taxes

April 15 is not only the deadline for filing your state and federal income tax returns, but also the deadline for filing gift tax returns via IRS Form 709. Many people are confused about the subject of gift taxes.  While only two states — Connecticut and Minnesota — have a state gift tax, there is […]

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Family Loans Must Be Made Properly to Avoid Tax Repercussions

The recession made many parents and grandparents into personal bankers, making loans to strapped children or grandchildren to help them cope with unemployment or other financial misfortune. However, family loans need to be prepared properly to avoid tax repercussions.  Here are some tips on how to do that: Put loan terms in writing – the […]

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A Duty Checklist for Trustees of a Trust

It’s no misnomer that a position with so much responsibility carries the name “trustee”. After all, you have been entrusted with a solemn responsibility and you no doubt want to do the best possible job. Here are 10 things to do when you are appointed trustee of a trust: 1. Read the trust document, which […]

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‘Tis the Season to Be Gifting: How to Do It Right

Not many people would view the IRS as a charitable organization, but you might if you plan your gifting appropriately – i.e., in a way that will benefit you on your income and gift taxes. Here are guidelines when gifting to charity or your own family members this season: Charitable Donation Rules Household items. These […]

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7 Things To Think About Before Making Gifts to Grandchildren

If you have grandchildren – or are getting ready to welcome one like political power couple Bill and Hillary Clinton – you know the special joy they bring. After all, you can now leave all the heavy lifting to the parents and just enjoy connecting with them. Many grandparents who enjoy financial freedom are often […]

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7 Steps to Creating an Estate Plan That Keeps Your Family Out of Court

Many people fail to create an estate plan because they don’t truly understand what is involved and therefore believe it is too complicated. But the real truth is that creating an estate plan during your lifetime is far less complicated than what your family will deal with after you are gone, if you don’t: Create […]

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The Wealth Creation Trust: A Gift That Keeps On Giving

The perfect gift for your child or grandchild on the occasion of their birth, Bar or Bat Mitzvah, Sweet 16 or Quinceañera cannot be found in any store.  Instead, the hopes and wishes you have for your child (or grandchild’s) future can best be expressed with a gift of security, resources and a foundation of […]

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Subject: Receiving an Inheritance One Day? Here’s What to Do Now.

Baby boomers are set to inherit up to $8.4 trillion over the next 15 years, according to The Center for Retirement Research at Boston College.  A recent New York Times article explored the complicated issues that these inheritances can bring, including transferring the emotional attachment you had to your parents to what they have left […]

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How to Protect Life Insurance Proceeds from Taxation

If you have been responsible enough to purchase a life insurance policy as added protection for your loved ones, then you will want to carry that responsible action a little further by protecting that important payout from taxation. If you are married and have named your spouse as the beneficiary of your life insurance policy, […]

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