Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

What qualifies as a ‘coronavirus-related distribution’ from a retirement plan?

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. The first question that needs to be asked is, what is a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible retirement plan before […]

COVID-19 has many people thinking about their estate plans

The following is published courtesy of Paige P. Baker, Esq., of Kanner Baker, LLC, estate planning and business law attorneys based in Sandy Springs, Ga. Learn more about Kanner Baker, LLC here. Since the coronavirus pandemic began in March, estate planning attorneys throughout the country have seen a significant increase in requests for wills and […]

Taking care during coronavirus

Businesses are slowly beginning to reopen and different areas are relaxing some of the requirements to shelter in place as a result of the COVID-19 health crisis. As we move into this next phase, it is important to remember that seniors and individuals with underlying health conditions remain vulnerable to coronavirus, but also to remember […]

Divorce may be even more taxing under TCJA

Divorce is never easy, emotionally or financially, and now with the Tax Cuts and Jobs Act, the process can be even more taxing. Prior to the passage of the sweeping tax reform law at the end of 2017, a divorced spouse paying alimony could deduct those payments from his or her reportable income when filing […]

What will happen if the worst happens?

You never know when it could happen, but you need to be prepared for when it does. Receiving a serious health diagnosis can be one of the most stressful things someone can experience. Even if treatment is successful, confronting this can serve as a wake-up call to make sure your estate plan is up-to-date and […]

‘Think’ about making an estate plan now to protect your heirs later

“You better think.” The unmistakable lyrics sung by Aretha Franklin are words to the wise, but sadly, Franklin herself did not take this advice when planning her estate. Consequently, her heirs may be on the hook for a significant tax bill, not to mention the possibility of years of very public legal battles. While most […]

Talk to your teens about future medical decisions

Discussions about end-of-life decisions are not easy, but they are necessary to ensure that you and your loved ones’ wishes are fulfilled in the event of illness or devastating accident. Generally these discussions involve spouses and their siblings and parents. But what about your young adult children? It is a wake-up call for many parents […]

Protect your family with one last password

Caring for an aging or ill family member or loved one is difficult work, but it can be even more challenging when needing to access their financial and medical information. With one last password, accessing critical information is much easier – and safer. As we all know, more and more of our daily business – both […]

Create your will now for your family’s future

Do you have a will? If so, does your last will and testament reflect your wishes or will the fate of your estate be in the hands of the state? A discussion was held recently with attorneys from the Atlanta firm, MendenFreiman LLP, during which attorney Paige Baker explained that establishing a will puts control […]