Author Archives: Linda Fisher
I’m a Fiduciary—What Does That Mean?
There are any number of pitfalls that may occur when administering an estate, a trust or another person’s finances under a Durable Power of Attorney (POA). Fiduciary duties are the highest under the law, and the fiduciary is legally required to put the interests of the person they are representing above their own. The… Read More »
What Happens If A Beneficiary Dies Before Receiving An Inheritance?
When the beneficiary of a deceased person’s probate estate or living trust dies during the course of administering the estate and before the full distribution of the inheritance has been made, things can get sticky and complex. Let’s say a mother dies and her estate is in the process of being probated when her… Read More »
The Many Responsibilities of Inheriting a Home
When you inherit a home, there are three key factors to consider: the financial and legal responsibilities of the home, the tax liabilities of the home and what you’ll eventually do with the home. All of these different things relate to each other, explains Million Acres in “A Guide to What Happens When You… Read More »
Not a Festive Thought, But A Kind One: Planning for Your Own Funeral
Leaving instructions for your funeral and burial wishes relieves loved ones of the burden of making decisions and hoping they are following your wishes. In addition, says the article “Important to provide instructions for preferred funeral, burial wishes” from The Leader, it also prevents arguments between relatives and friends who have their own opinions… Read More »
What 2020 Tax Changes May Bring for Wealthy Families
What happens in the political landscape in 2020 could have an impact on wealthy individuals, in a positive and a negative way. The biggest impact may be changes in estate and income taxes. With income taxes, the tax brackets are indexed, so they will go higher in 2020. There are also new IRS thresholds,… Read More »
Can I Place My IRA in a Trust?
Unfortunately, you can’t place an individual retirement account (IRA) in a trust while you’re alive. This rule applies to all types of IRAs including traditional, Roth, SEP, and SIMPLE IRAs says Investopedia’s article, “How Can I Put My IRA In a Trust?” However, if you establish a trust as part of your estate plan… Read More »
Alternatives to Medicaid – A Short Primer on Long-Term Care Insurance
Medicaid is a state-run program that caters to those surviving on less than 125% of the official poverty level. Many elderly individuals forego purchasing long-term care insurance, in favor of relying on Medicaid to cover their expenses. Unfortunately, after bankrupting themselves to qualify for Medicaid nursing home coverage, many of these same individuals find… Read More »
End-of-Year Financial Tasks
There are some tasks that, left undone, can have an enormous impact on those you love. The end of the year is a good time to set some deadlines for yourself. Give yourself a December 31 deadline, and you’ll stay focused says The Daily Journal’s article “5 financial tasks you should tackle by year-end.”… Read More »
Can You Explain the Concept of Step-Up Basis?
If you inherit assets—especially real property—you need to understand the step-up in basis rules. These rules can save you a lot of amount of money on capital gains and depreciation recapture taxes. Motley Fool’s recent article on this subject asks “What is a Step-Up in Basis?” The article explains that step-up in basis has… Read More »
What Does Portability Mean, and How Do I Use It?
WMUR’s recent article, “Money Matters: Portability and estates, ” explains that each taxpayer is typically permitted what is called an applicable exclusion amount. This is the amount of assets that, at your death, you can bequeath to others tax-free for estate tax purposes. Prior to the law change, spouses couldn’t share their exclusions. However,… Read More »