What happens if a seller can’t move on the closing date?
Here’s a common scenario: Both parties to a real estate deal are ready to close, but for some reason the seller can’t move out by the closing date. Maybe the seller is moving to a new home or place of business, and the new place isn’t quite ready yet. Maybe the closing date is the […]
Law that relaxes IRA distributions creates confusion
Ordinarily, people over 70½ are required to receive a minimum distribution from their retirement plan each year. But this minimum payout won’t be required in 2009, thanks to a law passed by Congress. However, this law is creating widespread confusion, and if you’re concerned, you might want to ask for advice quickly on how to […]
Be Aware of the Dangers of Joint Accounts
Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones, and such accounts are sometimes referred to as “the common person’s estate plan.” But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one […]
Probe Finds Nursing Homes Are ‘Dumping Ground’ for Mentally Ill
Elderly nursing home residents are increasingly living alongside young and middle-age people with mental illness, with sometimes tragic results, according to a 50-state investigation by the Associated Press. It appears that in many cases this potentially dangerous trend is a violation of federal law. According to the AP, nearly 125,000 non-elderly adults with serious mental […]
Online Services Offer Estate Planning for Digital Assets
Once upon a time, the key to a safe deposit box was all loved ones needed to unlock the secrets of a life recently ended. Today, many aspects of our lives – both financial and personal – are lived in places accessible only by password. We have e-mail addresses, online brokerages and banks, Facebook and […]
Take advantage of the recession to lock in estate planning gains
Nobody likes a recession, but any time when real estate values, stock prices and interest rates are low is a great time to do estate planning. You can transfer assets to your heirs now at a low value and save them a huge estate tax bite later. One way to do this is with a […]
Tips for Preventing Financial Abuse of the Elderly
As the economy worsens, reports of elder financial abuse are on the rise. The elderly are particularly vulnerable to scams and to financial abuse by friends, acquaintances, caregivers and family members in need of money. A recent MetLife study, Broken Trust: Elders, Family and Finances, found that up to one million older Americans may be […]
This is a good time to make family loans
With interest rates at historic lows, this can be a good time to make loans to your children so they can buy a home, start a business, or invest. Giving your children an outright gift can subject you to the gift tax, but giving your children a loan doesn’t have any effect on estate or […]
Estate Taxes: What’s a Taxpayer to Do?
After almost a decade of changes in the federal estate tax laws – and many states shifting their tax structure in response to the federal changes – clarity appears to be on the horizon. Congress’s recently passed budget resolution would make the current estate tax rules permanent, taxing only estates over $3.5 million in value […]
‘Green leases’ are raising legal issues
More and more commercial buildings are being designed to meet environmentally friendly, or “green,” standards. In addition, a growing number of communities around the country are adopting “green ordinances” that mandate certain environmental standards for large commercial buildings or developments. As a result, commercial leases in these buildings need to take green issues into account. […]