Biden Tax Plan Begins to Take Shape – Part 2
In my post last week, I reviewed what we know so far about President Biden’s proposed tax law changes.  One change would increase the tax rate on capital gains, which currently is taxed at a  lower rate than  regular income. Another change relates to the provision that wipes out the capital gains tax for
Biden Tax Plan Begins to Take Shape – Part 1
President Biden in his speech to Congress last week gave us some details on the tax bill he will attempt to get passed.  While it’s very early in the process, and what ultimately  becomes law often varies greatly thru the back and forth negotiation process in Congress, let’s take a look at
Possible Tax Law Changes after the Election – Part 2
Last week I wrote about the questions we have been receiving from clients about tax law changes coming after next month’s election and what to do now.  As I stated last week and I’ll say again, it is impossible to know now what changes may come, therefore, we can’t recommend any
Possible Tax Law Changes After the Election (Part 1)
Taxes are always a topic of conversation during elections, especially presidential elections. This one is no different. At the same time, our clients have begun to ask us about certain changes they have read about and what they should do now. Our answer at this point is that any talk about changes
The Hidden Costs of Transferring Your Home (Part 2)
               In my post last week I told you about Joe’s call concerning the sale of his mother’s home. A few years ago she went to an attorney to prepare a deed transferring the home to Joe and his sister, but keeping a life estate for herself. A life estate
The Hidden Cost of Transferring Your Home (Part 1)
    Joe sounded upset when he called us. His mother wanted to protect her home from the cost of long term care so a few years ago she transferred the house to Joe and his sister, keeping a life estate for herself. Now they want to sell the
When Protecting Assets Beware of Capital Gains Tax (Part 3)
           The last two weeks I have been explaining the danger of ignoring a potential capital gains tax while focusing on the avoidance of estate tax and asset protection from the cost of long term care.            Mom wants to protect her $600,000 home from being lost to the cost of
When Protecting Assets Beware of Capital Gains Tax (Part 2)
            Last week I told you that when protecting assets from the cost of long term care or from an estate tax when you pass away, there is another tax – capital gains tax – to be aware of and I explained how the tax is calculated. This week let’s
When Protecting Assets Beware of Capital Gains
        When we get calls with questions about how to protect assets from being spent towards long term care #longtermcareplan or how to protect an estate by minimizing or eliminating an estate tax the focus is limited to the value of the asset. In the case of asset protection a typical