Power of Attorney versus Guardianship

Have you ever been concerned about an aging parent who seems to be making “bad” decisions? Or, have you thought about who will look after you should something tragic happen and you become incapacitated? These are difficult scenarios to think about, but Power of Attorney and Guardianship proceedings can offer peace of mind. In a… Read More »

My House Is Owned By A Trust, Can I Still Take Advantage Of The Capital Gains Exclusion?

Recently I received a telephone call from a client looking to sell their home.  The home had been transferred to a trust years earlier and they wanted to know if they would qualify for the $250,000 (per resident owner) capital gains exclusion on the sale of their home. Generally speaking, the Internal Revenue Code provides,… Read More »

Are Gifts Made During My Lifetime Includible In My Estate For Estate Tax Purposes?

The answer to the question “Are gifts made during my lifetime includible in my estate for estate tax purposes?” depends on several factors.   Federal For purposes of the Federal Estate Tax, yes, any taxable gifts you make during your lifetime are includible in your estate. However, this does not necessarily mean that those gifts… Read More »

What are Letters Testamentary?

Sometimes when a loved one passes away, an individual who believes he or she inherited assets from the decedent will be told at a bank or financial institution that they will need “Letters Testamentary” in order to collect those assets. The question most people have at that point is “What are Letters Testamentary?”   Letters… Read More »

Reverse Mortgage: It May Not Be All It’s Cracked Up To Be

A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property.  Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments or a lump sum of money based largely on the… Read More »