- All About the Stepped-Up Basis Loophole
Stepped-up basis is a tax provision that allows heirs to reduce their capital gains taxes. When someone inherits property and investments, the IRS resets the market value of these assets to their value on the date of the original owner’s… read more…
- Ask an Advisor: How Can I Maximize Growth and Minimize Taxes in Retirement?
Are there investment strategies that take into consideration growth and taxation post-retirement? – Julie One of the keys to maximizing growth and minimizing taxes in retirement is to pair the least tax-advantaged securities with the most tax-advantaged accounts. The point is to neutralize the immediate tax impact on your portfolio while still allowing for capital… read more…
- High-Net-Worth Divorce: Dos and Don’ts
Legally, divorce is divorce no matter how much money is involved. In practice, though, high-net-worth divorces tend to be much more complicated than ordinary breakups. Rules surrounding divorce are highly state-specific. This article will discuss issues that apply in general, but… read more…
- Grant Deed vs. Deed of Trust
As a homeowner, you may use a deed to transfer ownership or take out a loan on your property. There are several different types of deeds that you may use, but two of the most common are grant deeds and… read more…
- How to Give a Monetary Gift and Minimize Taxes
Whether you’re giving money as a gift to an organization, individual or family, it’s important to know the ins and outs of the process. It might seem straightforward, but there are a number of things to consider before you give a monetary gift, including taxes. Depending on the size of the gift, your tax obligation… read more…
- What to Know About Bargain and Sale Deeds
Following the sale of a property, a seller will typically provide the buyer with a signed deed. This legal document effectively transfers ownership of the property to the buyer. It also explains any encumbrances that come along with the property. There are a few different types of deeds that buyers can receive, depending on the seller… read more…
- Pay Yourself First: Investment and Savings Strategy
“Pay yourself first,” also known as “reverse budgeting,” is a budgeting method designed to prioritize your personal financial goals. Instead of focusing first on paying bills and discretionary spending, this approach ensures that savings and investments are made a priority. After setting aside funds for your goals – whether it’s retirement savings, an emergency fund… read more…
- Iowa Divorce Laws: What You Need to Know
Divorce is an uncomfortable subject for most people – after all, no one likes to imagine there is any chance that their marriage will end up not lasting forever. The end of a marriage, though, doesn’t need to mean the… read more…
- Idaho Divorce Laws
Divorce is not a particularly happy subject, but it’s something that many people will have to deal with at some point. The end of a marriage, though, needn’t mean the end of financial security for anyone. If you review the… read more…
- Ohio Divorce Laws
Divorce is an unfortunate reality of life, as many marriages simply don’t stand the test of time. Financial issues following a divorce doesn’t have to be the reality, though. To avoid money problems, be sure to get familiar with the… read more…
- Missouri Divorce Laws
Divorce is a tough time, but it’s unfortunately a reality for many people. While divorce can have a lot of negative impacts on people, one of doesn’t need to be on your finances. If you know the laws of your… read more…
- Georgia Divorce Laws
Divorce is an unfortunate reality for many people, as marriages sometimes just don’t work out for the long run. A marriage falling apart, though, doesn’t have to spell financial ruin for those involved. If you educate yourself on the divorce… read more…
- Kansas Divorce Laws: What You Need to Know
Divorce isn’t a fun topic by any stretch, but it is an unfortunate reality for many people across the country. While divorce may be inevitable for some people, being ruined financially by a divorce doesn’t have to be anyone’s end… read more…
- Michigan Divorce Laws
A marriage can end in divorce, but it doesn’t mean your finances have to take a hit. If you know the law and are careful, you can escape your divorce without having to start over financially in addition to personally. The… read more…
- Arizona Divorce Laws
Marriage is supposed to be forever, but reality sometimes intervenes, and divorce becomes the only option. While a divorce is a difficult time personally, it doesn’t have to result in financial strife. Each party just needs to make sure they know the laws so each one can plan ahead. Divorce laws vary by state, so… read more…
- Alabama Divorce Laws
Divorce is sad on many levels, but that doesn’t mean it needs to tragically affect your finances. If you’re considering divorce, you’ll need to make sure that you know the laws of your state so you can successfully navigate the… read more…
- Colorado Divorce Laws
No one gets married thinking the union will end in divorce, but for some couples that’s just the reality. Just because a marriage doesn’t work out, though, doesn’t mean that anyone’s financial situation needs to go downhill. If you make… read more…
- Maryland Divorce Laws
As unpleasant as it may be to think about, sometimes marriages end up in divorce. A marriage ending doesn’t need to cause major financial harm, though. It’s imperative to know the divorce laws in your state if you think that’s… read more…
- Indiana Divorce Laws
Even with everyone’s best efforts, sometimes a marriage doesn’t last and it ends in divorce. If you’re careful, though, a divorce doesn’t have to bring financial ruin. You just have to make sure you understand the laws of your state,… read more…
- Can You Get a 529 Plan Tax Deduction?
Contributing to a 529 college savings account can offer tax advantages, including tax-deferred growth and tax-free withdrawals for qualified education expenses. But you may be wondering if you can also get a 529 tax deduction or credit. While no federal… read more…
- Am I Responsible for My Deceased Spouse’s Debt?
The death of a spouse can be emotionally and mentally trying on many levels. There may also be financial stress if a spouse leaves behind credit card debt, outstanding loans or other monetary obligations. You may be wondering: Am I… read more…
- How a Prenuptial Agreement in Texas Works
Texas is a community property state, which means that all assets and property either partner in a marriage acquires during the marriage is jointly owned by both spouses. Anything a partner brings to the marriage is generally considered separate property… read more…
- Is an Inheritance Considered Marital Property?
Assets inherited by one partner in a marriage can be considered separate and owned only by that partner. However, inheritances can be ruled as marital property jointly owned by both partners and, therefore, subject to division along more or less… read more…
- Fiduciary Deed: Definition, Examples and More
Fiduciary deeds are just one of several types of deeds used in property transfers. This type is used to transfer property such as real estate when the owner can’t sign a deed for legal or other reasons. Fiduciary deeds are… read more…
- How to Minimize Your Self-Employment Taxes
The self-employment (SE) tax is the equivalent of the tax regular employees and their employers pay. It’s the way self-employed people, freelancers and independent contractors contribute to the Social Security and Medicare funds. With a tax rate of 15.3% applying to… read more…