There are certain tax savings to leaving the family home to members of the family. They gain what is called a “step-up in basis.” Here’s how it works. Inheriting real estate is a little different than other assets. When members…
Retirement may bring an end to your work life, but your responsibilities just change gears. You have to learn how to navigate Medicare and manage an investment portfolio. People who may have been happy to let their investment company handle…
None of this should come as a surprise, but you’ll want this information so you can do a better job of planning for your retirement. If the only thing you know about retirement is that you’ve done with the daily…
Don’t assume that your tax liability will shrink during retirement. Start planning now to avoid any unpleasant surprises. Taxes are one of the most overlooked challenges of retirement finances. We typically think about outliving our assets, the high cost of…
An increasing number of women and men are entering the retirement phase of their lives as singles. Putting a financial and estate plan into place is just as important as for couples, even if there are no heirs. It seems…
One of America’s legendary playwrights was also an avid art collector, who amassed an extraordinary art collection. Unlike many collectors, he lived with his art, and it filled his downtown New York City loft. The Edward Albee Foundation will be…
It’s not an easy conversation to have, since you have your own personal finance matters. But there’s another piece of your financial life to consider: your parents and their finances. Here’s how it often goes: you don’t think you have…
Estate planning attorneys are often called upon to repair the damage, after homemade wills are found to be invalid. It sounds like a great idea, kind of like building your own furniture or baking your own bread. But wills and…
All a celebrity has to do is die without a will and the details of their lives are all over the news. There’s a fascination with seeing how those who have achieved a high degree of success, fortune and fame…
Certain situations present opportunities to lower the value of an estate before death, thereby decreasing tax liabilities for heirs. In cases where a loved one is on life support for an extended period time and is legally incapacitated, there may…