Greg Lehrmann wrote an excellent article on the use of a 1031 tax exchange in a divorce, so I thought this would be a good topic for this week’s column. Keep in mind, this will require the parties and their counsel to work together for the benefit of all. However, if it is a “war of …
Many folks I have counseled tell me they have added a trusted adult child to their financial accounts. Their reasoning is that it gives the child access to help them. That is a perfectly reasonable step to take, but it is important to consider the ramifications, especially as it may affect federal deposit insurance …
Summer is all about sunshine, travel, and spending quality time with the people you love. It’s also one of the best times to pause, reflect and finally check “create an estate plan” off your to-do list. If you’re planning a vacation, sending kids off to camp, or just enjoying a slower season at work, now …
Continue reading “Summertime is a Good Time for Estate Planning”
With the influx of people to Texas in the last few years, it occurs to me that many may not be familiar with the system of Probate in Texas. Probate is one of the most misunderstood and prehaps scariest words in the legal language, probate is simply the administration of a deceased person’s property or …
Perhaps it is a desire to maintain independence or the rising cost of skilled nursing care, but the fact is, many seniors want to stay in their homes as they age. However, if you are like me, raising your kids, working, trying to take care of yourself, and now caring for aging parents can be …
Many of my clients have heard me tell the story of my grandfather clock. My grandmother, Pauline K. Smith (MeMe), gave me this clock. Like many families, we had Thanksgiving, Christmas and Easter with our family at MeMe’s house. These traditional family get togethers are etched in my mind. One Easter, MeMe asked all in …
In a 1031 exchange, not all closing costs are created equal. Certain expenses can be covered with exchange proceeds without triggering tax consequences, while others are better handled outside the exchange. What is a 1031 Tax-Deferred Exchange you may ask? An IRC 1031 Exchange permits you to sell property without paying tax on the gain of …
Continue reading “What Closing Costs Can Be Paid in a 1031 Exchange”
When someone becomes the executor of an estate or the trustee of a trust, one of their duties is to obtain a tax identification number for the estate or trust. This is known as an EIN (Employer Identification Number) and is issued to the estate or trust by the IRS for tax administration and reporting …
Last week, I provided some basic information about what you should do when someone dies. This week I thought I would provide a list of what you should pull together after the funeral. Sometimes it is tough when you are dealing with grief and all the events related to funerals or celebrations of life. My …
Handling the affairs of someone who has passed away is the norm for my office. However, I realize that for many, death comes as a shock. Nothing can prepare you for the loss of a loved one, it can be overwhelming. However, don’t forget to take care of yourself and reach out to loved ones …
