One goal of estate planning is to avoid or minimize probate. This is particularly important if you own real estate in more than one state. Why? Because each piece of real estate titled in your name must go through probate in the state where the property is located. Cost and Time Can Become Issues Probate […]Continue reading
If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its […]Continue reading
Common Estate Planning Mistakes As an estate planning attorney can explain, there are some people who have very well thought out estate plans, and others who unfortunately have estate plans that fail to carry out the person’s goals and could end up costing their heirs thousands of dollars in otherwise unnecessary legal fees and court […]Continue reading
If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions […]Continue reading
April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing Requirements Generally, […]Continue reading
Purchasing land or purchasing a home can be as stressful as it is thrilling. Selling land or a home can be as stressful as it is lucrative. The same can be said for renovating, adding on to, or otherwise undertaking a construction project on your existing residence. Similarly, the business stakes attached to purchase, sale, […]Continue reading
Estate planning is an important part of life. It ensures your loved ones are cared for after your passing and will also make sure that your wishes are carried out, even when you are no longer here. Estate planning is essentially a final gift you can give to your friends and family. If you have […]Continue reading
Filing for bankruptcy is scary no matter who you are or what kind of debts you have. It is much easier when you have someone who knows what they are doing on your side. This is why you need to hire a bankruptcy lawyer, like one from the Law Offices of Ronald I. Chorches as […]Continue reading
Trust Lawyer A living trust is defined as being a legal document, or trust, that is created during a person’s lifetime (trustor) where a designated person (trustee) is given responsibility for managing the trustor’s assets for the benefit of eventually becoming beneficiary. A living trust has been designed to allow for a seamless transfer of […]Continue reading
Ways a Will Executor May Abuse Their Role We entrust executors with their authority to handle an estate and communicate with loved ones. Putting faith into someone to manage what you have built over a lifetime isn’t easy, so it’s important to choose a person who will always have your best interests at mind and […]Continue reading
