Feb 4, 2020

What’s In a Name? (Part 2): Tax and Other Consequences Caused by Joint Ownership of Real Property

Estate Tax

In an earlier article we posted entitled “What’s in a Name? (Part 1),” we set forth the various possible ways that assets can be titled. Titling controls how an asset that you own will be distributed upon your death.  If you own an asset in your individual name, this asset will most likely be distributed through the terms of your Will through the court process called probate, or if you die without a Will, through the process known as administration.  If you own an asset that permits you to designate a beneficiary, such as a retirement account, that designation controls… Read more

Nov 14, 2019

2019-2020 Estate Planning; It’s not too Late!

Estate Planning Blocks

Thanksgiving is just weeks away and 2020 is not far behind – weren’t we just thinking about Y2K –  so as 2019 winds down consider taking steps to help reduce your estate tax exposure (and might also entice the children to show up for the holidays). Think about more than just holiday gifts – The 2019 exemption from the federal gift, estate, and generation-skipping transfer tax is $11,400,000 ($22.8 million for a married couple) and will increase in 2020 to $11,580,000. The annual gift tax exclusion is $15,000 so that an individual can gift $15,000 without using her exemption.  A… Read more