What Should I Do If I Strike it Rich? – Annapolis and Towson Estate Planning
Whether you've just signed a multi-million-dollar contract or won the lottery, here are some tips that will help you keep and grow your wealth responsibly.
How Can I Upgrade My Estate Plan? – Annapolis and Towson Estate Planning
Everyone’s heard the stories of celebrities who died without a proper estate plan in place. It’s been a hot topic in the last few years with Prince and Aretha Franklin serving as unfortunate faces of the phenomenon. However, it’s not just freewheeling entertainers.
Death Is Very Taxing — What you Need to Know – Annapolis and Towson Estate Planning
The personal representative (formerly executor) of the deceased’s estate may be responsible for filing a number of tax returns.
As a Trust Beneficiary, Am I Required to Pay Taxes? – Annapolis and Towson Estate Planning
Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust's income, rather than the trust itself paying the tax. However, such beneficiaries are not subject to taxes on distributions from the trust's principal.
What Are the Rules About an Inheritance Received During Marriage? – Annapolis and Towson Estate Planning
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
Why Should I Pair my Business Succession and Estate Planning? – Annapolis and Towson Estate Planning
Thinking of exit and estate planning in tandem, allows owners to ask relevant questions to bring their entire picture into focus.
What’s the Best Way to Gift an Interest in My Business? – Annapolis and Towson Estate Planning
Gifting interests in a closely held business can be an effective estate planning technique. It can save on estate taxes and reward family members for their hard work in running the family business, while transitioning ownership to the younger generation.
What Do I Do With an Inherited IRA? – Annapolis and Towson Estate Planning
If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you are doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These IRS inherited IRA rules will vary, depending on who has passed away, and who is inheriting the retirement accounts.
Do I Need Life Insurance After I Get Divorced? – Annapolis and Towson Estate Planning
In a divorce, both beneficiaries and policy ownership should be modified to account for the change in marital status and its implications.
Will the IRS Say It’s a Gift, If I Sell My House to my Son at a Great Price? – Annapolis and Towson Estate Planning
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?