Tag: estate planning
SR Glossary: Lady bird deed
A lady bird deed, or enhanced life estate deed, is a type of life estate deed that lets the owner maintain control of a property until their death, when the property automatically transfers to a beneficiary without going through probate. ...
Estate Planning Essentials
Estate planning is crucial for ensuring your family's well-being in the event of your incapacity or passing. To help you prepare effectively, review the following checklist. If any items are unresolved, it may be prudent to consult with an estate...
Guest Author Jim Niedzinski, CFP®, AIF®: The Benefits of Donor-Advised Funds
Jim Niedzinski, Wealth Advisor from Planning Alternatives, shares how to save taxes on charitable donations and make giving easier with a donor-advised fund. Jim Niedzinski, CFP®, AIF® , Wealth Advisor at Planning Alternatives, discusses the benefits of Donor-Advised Funds Jim Niedzinski is in his 20th year as a wealth...
IRS provides guidance on using QTIP elections for reducing estate taxes
The IRS has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property (QTIP) election to reduce estate taxes. In Rev. Proc. 2016-49, the IRS removed a prohibition on utilizing a...
The benefits of using cost segregation in estate planning
Estate planning for inherited assets often involves managing the step-up in basis for real estate, which affects both estate and income taxes. When a property is inherited, its tax basis is adjusted to its fair market value (FMV) on the...