By Cindy McLagan, EA If you’re looking for a way to minimize gift and estate taxes, creating a trust could be a solution. Many types of trusts exist, and each has a specific purpose. The type you choose—as well as how it’s created—will depend on what you’re trying to accomplish. Although establishing a trust requires […]
Benefits of Using a Corporate Trustee
By Brenda K. Lowe, CPA, PFS Naming a trustee to manage your estate can be a difficult decision. Many choose a family member, such as an adult child, a friend, or even a neighbor to assume the role. But naming a loved one as a trustee can cause complications over time. Not only is the […]
Tax Forms to be Considered When a Loved One Passes
By Brenda K. Lowe, CPA, PFS I am frequently asked the question “Which tax forms am I required to file following the death of a loved one?” While one might expect the answer to be succinct, it rarely is—mostly because it will depend largely on your personal situation. Generally speaking, you will almost certainly need […]
Considering Life Insurance? Ask Yourself These Questions First
By Brenda K. Lowe, CPA, PFS Consideration of life insurance is an integral part of the estate and financial planning process. You may wish to have a policy to pay estate taxes, address estate liquidity needs, provide for a business buy-sell agreement, or provide funds for your heirs. But before you purchase a policy—or even […]
What You Should Know About Beneficiary Designation
By Brenda K. Lowe, CPA, PFS Have you named beneficiaries on all of your assets? It is important to have a beneficiary or beneficiaries listed on all of your assets before you can no longer make the decision. This will define who the asset will be distributed to and cannot be overridden by a will […]