May 8th, 2015 by Kim Chen
In today’s world, it’s not uncommon for a U.S. citizen who lives in this country to be married to a non-citizen who is a resident. Or two non-citizens may be married to each other while living here. The tax law refers to non-citizens who are permanent U.S. residents as resident aliens. Unfortunately, standard estate tax […]
April 23rd, 2015 by Kim Chen
Giving away money to reduce your taxable estate is a common strategy to reduce estate taxes. But in order to be valid, the gifts must be “complete” by the time the donor dies – meaning that checks must have been written and paid by the bank. Worst case scenario: Just before death, a person makes […]
October 10th, 2014 by Kim Chen
The topic of estate planning may not be something you worry about. This might be the case if you don’t think you own enough assets to make your estate liable for the federal estate tax. But no matter what your net worth is, there is an important estate planning action you should take right now. […]
July 5th, 2014 by Kim Chen
© 2014 Thomson Reuters/Tax & Accounting Pros and Cons of a Revocable Trust An increased interest in estate planning has contributed to a rise in popularity of revocable living trusts. Perhaps you’ve heard of them but you’re fuzzy on the details. Here are the basics. You create a revocable living trust while you’re alive and […]
June 30th, 2014 by Kim Chen
© 2014 Thomson Reuters/Tax & Accounting Living trusts have become popular estate planning tools, but they are not for everyone. Here are some frequently asked questions to help you decide whether to consider a living trust. Q. How does it work? Answer: With a revocable living trust, you transfer ownership of assets of your choice […]
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