Probate, Estates & Trusts

Can My Children Inherit My Carryover Losses? Let’s Discuss Capital Loss

Can My Children Inherit My Carryover Losses? Capital Loss - Eric Einhart Taxes are a part of life (and death) in the United States. If you earn sufficient income, then you must report that income and pay a tax on the income if it exceeds allowable deductions. One such deduction is a capital loss.

In the simplest sense, a capital loss occurs when you sell property (stock, personal property, real estate property, etc.) for less than it cost, or its basis. This loss can either offset capital gains in the year they are incurred or can be used as a deduction up to $3,000 against your ordinary income. If the capital loss is not used to offset your gains, and is greater than $3,000, then you can carry it over to the next year to either off-set gains derived in that year, or it can be used again as a deduction against your ordinary income up to $3,000.

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Protecting Your Future with a Power of Attorney and a Health Care Proxy

Protecting Your Future with a Power of Attorney and a Health Care ProxyWho will take care of you and your finances and health care decision making if you become incapacitated?

The power of attorney is a financial document that names who will step in and take care of an individual’s finances if he is physically or mentally unable to handle them himself. The health care proxy does the same thing in the medical world. People often do not want to make decisions about naming a power of attorney or a health care proxy, but procrastinating is not the best option.

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You Can’t Live Forever—Or Can You? Benefits of a Digital Will

You Can’t Live Forever - Or Can You? Benefits of a Digital WillIf you take a moment and actually think about it, you are probably registered on several—if not dozens of—websites. You make accounts associated with various websites and sign in with your unique username and password.

When I started thinking about my own online activity, several accounts immediately came to mind, such as Facebook, LinkedIn, iTunes, and even bank accounts. Then I really gave it some more thought. What about my tablet, smartphone, laptop and/or desktop computer, Twitter, Amazon? The list goes on!

Have you ever thought about what happens with these accounts and devices when you die?

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Did Prince Have a Will?

Did Prince Have A Will?Last week, the world was in shock when news broke about the sudden and unexpected death of pop icon, Prince. Prince died at his residence in Minnesota at the young age of 57.

As some mourned by flooding the internet with his greatest hits, others wondered about his estate. Prince had no known children, no current spouse, and no living parents. This leaves us all wondering: Who will receive his assets? Did he have proper estate planning in place?

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Can I Disinherit My Spouse?

Can I Disinherit My Spouse? Eric J. EinhartUnder New York law, the answer as to whether you can disinherit your spouse is … not really.

In New York, there is something called the spousal right of election, which states that a surviving spouse has the right to assert his or her right to elect to inherit a portion of your net estate. As a result of this law, you cannot disinherit your spouse without your spouse’s waiver of this right.

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Our Knowledge Is Your Knowledge

Our Knowledge Is Your KnowledgeWhen speaking with clients about the complicated Medicaid rules, availability, and exceptions, they often reply something like, “Wow, there’s so much to know.”

Clients come to us because we know the rules, and more importantly, we know the exceptions.

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How Do I Disinherit Someone in My Will?

How Do I Disinherit Someone in My Will?Oftentimes when creating an estate plan, it is requested that a family member or friend be disinherited. There are many reasons why one would chose to disinherit someone. Perhaps the person creating the estate plan has already provided the family member or friend with gifts during his or her lifetime. Perhaps he or she wants to avoid disqualifying the person from government benefits. There might have been a falling out between the individuals. Or there might be tax reasons for wanting to disinherit.

No matter what the reason is, it is important to understand the potential pitfalls of disinheriting someone.

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Estate Planning & Avoiding Probate: See the Forest, Not Just the Trees

Often times when clients make an appointment with our law firm, they have a very specific estate planning concern or issue. They may have a particular focus in mind, such as updating a will or avoiding probate. With a plethora of details to consider, it is often challenging for individuals to adequately address all aspects of their personal “big picture”, i.e. their complete estate.

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Leaving Money in a Charitable Trust or Will (Part 2)

Leaving Money in a Charitable Trust or Will (Part 2)Why should you contact the charity that you are planning to name as beneficiary?

People often wish to leave money to charities. This blog contains real-world scenarios in which individuals leave assets to charities:

Example #1: Tom has no children and no living relatives. His net worth is about 10 million dollars. Realizing his estate would be taxable, he wanted to strategically make a bequest to his alma mater, the church that he attends, and a hospital that he credits with saving his life.

He contacted his alma mater to inform them of his intentions. He signed a letter of intent specifying the dollar amount of the gift he intended to leave. As a result, the college named an endowment after him, with the funds to be used to create a scholarship.

He spoke with the pastor at his church about his intentions, and he was able to hear about the good work that the church will be able to do as a result of his gift.

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