My wife and I have agreed to sell our house to our son. The bank-appraised value of the property is $700,000 and we are selling it to him for $340,000, which is the amount of the mortgage. How will the $360,000 be treated and are there tax consequences?
Movie scenes where a deceased tycoon’s will is read to a roomful of shocked and bitter relatives make for great drama, but drama is the last thing anyone wants, when seeking to preserve an estate for future generations.
One of the most frequent questions asked in estate planning, is whether a will is really necessary, particularly when someone has taken steps to avoid the probate process.
One of the most important decisions you face when creating a trust, is the choosing of the right trustee.
If you and your spouse are child-free, you may think you don't need to think about comprehensive estate planning—but you'd be wrong. You'll still want to ensure your assets go where you'd like them to after you're gone, rather than being divvied up by the state.
Estate planning is a critical part of financial planning, but something many Americans procrastinate about. Drafting a will and a health care proxy or power of attorney, maybe creating a trust, and maximizing your loved ones’ inheritances by minimizing taxes are all important matters you don’t want to leave to chance.
In many relationships, it’s common for one spouse to play money manager and the other to take a more passive role. This, however, can lead to major complications, when the financially dominant partner dies first.
Three handwritten documents, dated between 2010 and 2014, were found in Aretha Franklin’s Michigan home in recent months, including one in a spiral notebook found under her couch cushions.
Thanks to changes in the 2017 tax law, 529 college-savings plans are being used as estate planning tools and to pay for more education-related expenses than ever before, according to InvestmentNews.
You should go to an estate planning attorney to sort things out and make sure both of you are on the same page about who owns what, who gets to stay where and for how long into the future.
