What Steps Lead to an Effective Estate Plan?
Do you have an estate plan? A lot of people don’t, for a lot of different reasons. Some people would rather not discuss their death under any circumstances, other people think they are too young to worry about an estate plan, while others just don’t know, or aren’t, sure where to begin. However, it’s a good idea for everyone to have an estate plan in place; and for those who already have one, it’s a good idea to review it often.
A good estate plan consists of several things, but every estate plan is a little different according to each individual’s circumstances. However, there are some aspects that are consistent with every effective estate plan. Let’s take a look at a few of them.
- Be sure you determine who will be in charge of your estate and your affairs should become unable to do so.
- It’s always a good idea to set things up to avoid probate both in this life and for your heirs when you die. Trusts can help you do this.
- Make sure to take care of your children, including children from a first marriage if you have divorced and remarried.
- Protect the assets that your heirs will inherit from lawsuits, divorces and high taxes.
- Be sure to leave provisions and assets for any children or grandchildren with special needs.
These are just a few of the important things to keep in mind when planning your estate. If you have more questions about estate planning, especially as it pertains to your taxes, then please contact GROCO today at 1-877-CPA-2006. We can help answer your questions and get you prepared for the future. Click here to learn more.
Unpleasant Tax Surprise for Thousands of IRA Holders
Unpleasant Tax Surprise for Thousands of IRA Holders Imagine getting a letter in the mail telling you that you owe more than $24,000 in taxes, with about a fourth of that total being because of late penalties. That’s the kind of surprise that nobody ever wants to get. However, that’s exactly what happened to one…
Corporate Tax Planning: Mergers, Acquisitions and Reorganizations
Corporate Tax Planning: Mergers, Acquisitions and Reorganizations by Greenstein, Rogoff, Olsen & Co., LLP In today’s ever-changing business world, a corporation often needs to reconstruct its form for economic survival and growth. These corporate divisions and combinations usually involve exchanges of stock and property, and normally would be taxable transactions. However, Congress enacted certain provisions…
General Rules for Corporate Reorganization
General Rules for Corporate Reorganization In order for a transaction to be given non-recognition treatment under the reorganization provisions, it must meet certain requirements. • The reorganization must meet certain tests in the Regulations regarding “continuity of interest” and “continuity of business enterprise.” • The reorganization must be conducted according to one of seven patterns…
Accepted Patterns for Corporate Reorganization: Types A-G
Accepted Patterns for Corporate Reorganization:Types A-G The seven qualifying patterns of reorganization described in IRC section 368(a)(1)(A) through (G), are as follows: •Type A- a statutory merger or consolidation; •Type B- the acquisition by one corporation, in exchange solely for all or a part of its voting stock (or in exchange solely for all or…