There are Ways to Transfer Home to Your Children

There are Ways to Transfer Home to Your Children

Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.

The Benefits of a Good Estate Plan

The Benefits of a Good Estate Plan

Estate planning helps you avoid many unfortunate situations. While it can take some time and money upfront, you can avoid many worse problems later on.

What Happens when You Inherit a Retirement Account?

What Happens when You Inherit a Retirement Account

There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s, and similar accounts that investors fund with pre-tax earnings.

Why Is It Important to have an Estate Plan?

Why Is It Important to have an Estate Plan

The new Federal Estate tax limit (above which Federal estate taxes will be payable) is $11,200,000.00 per person. Yes, most of us will not hit that limit, but 19 of the 50 states, Illinois included, impose an estate tax of their own ranging from .25% to almost 20% of your estate.

Ask Mom if She has a Will

Ask Mom if She has a Will

My mother told me many times over the years that she had a will, and I believed her. When she passed away, we discovered that her will was 40 years old—and completely useless.