Estate Planning and Probate Quiz

There are many common misconceptions about estate planning and probate law. Take this quiz to see how much you know about these issues. Are you correctly planning for your family’s future?  The answers are below. Questions: True or False: Having a Will is the easiest way to avoid probate after your death. True or False: […]

“I Want to Quit Claim My Property to a Relative.” No You Don’t.

I regularly receive calls from potential clients who have a lot of misunderstandings about what Quit Claim Deeds are, how they work, and when they should be used. “Quit-Claiming” a property to someone else is rarely as simple as people think, and often doesn’t accomplish their goals anyway. A Quit Claim Deed is simply one type […]

2018 Estate Planning and Tax Updates

As the year 2018 begins, several changes go into effect that may affect families’ estate planning. Increase in Annual Gift Tax Exemption After being stuck at $14,000 for the last several years, the per-person annual gift tax exemption rises to $15,000 for the year 2018. This means that a person may make gifts adding up […]

Maintenance Will No Longer Be Deductible after 2018

The new Federal Tax Code is upending 76 years of laws regarding the taxation of maintenance payments, known in many states as alimony. Currently, the spouse paying maintenance after a divorce is able to deduct maintenance payments from their income taxes. The spouse receiving the payments then has to pay taxes on the extra income.  […]

What is the “Death Tax”? And What Happens if it is Abolished?

Benjamin Franklin wrote that “in this world nothing can be said to be certain, except death and taxes.”  This may be true, however under Federal Tax law it is extremely unlikely that you will ever have to pay taxes on your death. As part of its sweeping tax reform plan, the Trump administration is proposing […]