How Much Money Can I Give Without Paying Gift Tax?

Under our country’s tax laws, it is the person making a gift (the donor) who is responsible for any federal gift tax that is due. The gift’s recipient (the donee) is not required to pay any income taxes on the value of the gift received. The annual gift tax exclusion, the maximum amount a donorRead More

Did the Tax Cuts and Jobs Act Preserve the Step-Up in Basis?

Under our country’s tax laws, it is the person making a gift (the donor) who is responsible for any gift tax that is due. The gift’s recipient (the donee) is not required to pay any income taxes on the value of the gift received. However, the donee is responsible for paying any capital gains taxesRead More

The State of the Estate Tax After Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act was signed into law on December 22, 2017. It represents the most significant tax overhaul in decades. Although efforts by the House of Representatives to completely repeal the federal estate tax were unsuccessful, the bill signed into law doubled the amount individuals can exempt from taxation. Before the newRead More

The Risks of Living in Denial of Early Azheimer’s Symptoms

Last week, I discussed the ten warning signs of Alzheimer’s disease and the fact that because symptoms progress slowly, many family members live in denial until an event happens that is so uncharacteristic or bizarre that the symptoms become undeniable. However, denial of these early symptoms is risky. The longer symptoms go untreated, the lessRead More

What Are the Warning Signs of Alzheimer’s Disease?

The symptoms of Alzheimer’s and dementia can develop slowly over a number of years, which sometimes makes it easy to mistake them for normal, age-related cognitive decline instead of the result of a more serious problem. Because the symptoms progress slowly, it’s easy for loved one’s to deny they even exist until an event happensRead More

Can An Incapacitated Person Make or Revoke a
Durable Power of Attorney?

A durable power of attorney is an important document. It authorizes another person to handle financial affairs on your behalf. If you don’t have a durable power of attorney and become incapacitated, a guardianship may be necessary. Guardianships are expensive and cumbersome and can be avoided with a durable power of attorney. Generally, you canRead More