It’s a constant, death and taxes. And even death doesn’t stop the tax man. As part of wrapping up your estate, your executor must file a final income tax return with the IRS. This tax return is for the portion of the last year you were alive. For Whom Must an Estate Tax Return Be Filed? […]
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When a loved one inherits your retirement account, creditors can seize it and use the funds to satisfy their claims. All it takes is one lawsuit and your life savings could be […]
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. It […]
Retreating to a warmer climate for the winter sounds like an ideal way to spend a few months. To help make this dream a reality, some individuals choose to rent out their second homes when that are not in use. When renting out a property, one must consider legal ramifications, liability exposure, tax implications, insurance policy […]
Real estate is more than just your primary residence. It can include other real estate such as a vacation home or a rental property. Depending upon the type of real estate you own, the ideal form of title can vary. Below, we take a look at the different types of real estate and make suggestions about […]
You may not know exactly what asset protection is, but you likely have already engaged in it at some point during your life. In fact, you probably currently have one or more types of traditional asset protection planning in place. The problem is the type of planning you have right now may not be enough to […]
A common misconception is that only wealthy families and people in high-risk professions need to have an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that may decimate your finances, leaving you with far less to live […]
Many people believe that once they set up a revocable living trust and transfer assets into the trust, those assets are protected from lawsuits. This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries, few trusts protect assets owned by the person who created the trust. No Immediate Asset Protection? Why Should You […]
