Death doesn't cancel a final responsibility: paying income taxes. A decedent's executor must file one last income tax return for the deceased if the deceased's income surpassed a certain threshold. Even if a return isn't required, a return may be necessary anyway to obtain a refund. The …
tax
What To Know About the Child Tax Credit
The child tax credit is designed to give an income boost to parents or guardians of children. Your income level determines exactly how much you can get. Tax credits directly reduce the amount you owe the IRS. If your tax bill is $3,000 but you're eligible for $1,000 in tax credits, your bill is now …
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Don’t Give Your Adult Children Your House
By Gerry W. Beyer Gifting a house outright to your adult children or adding them to the property's deed may avoid the hassle of probate, but doing so may bring along its own slew of issues. These problems range from a potentially large tax bill to the house being in danger if the child files …
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Unintended Consequences of a Do-It-Yourself Estate Plan
By Robert F. Morris A do-it-yourself estate plan can lead to a number of unintended consequences as demonstrated by a Florida Supreme Court case, Aldrich v. Basile. In this case, Ms. Ann Aldrich wrote her own Will on a pre-printed legal form. Ms. Aldrich specifically listed each item of her …
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The New SECURE Act and What It Means for Your 401k and IRA’s
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. The “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most …
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