What is AMT?

The Alternative Minimum Tax is a Tax Law that was put in place years ago to stop people who were “Wealthy”, but were not paying income taxes due to deductions. The “Wealthy” included anyone making approximately $45,000.00 per year and up. When Congress created the Alternative Minimum Tax they “forgot” to put in a “cost... [Read More]

Why the need to update Estate Plans

Your Estate Plan needs to be regularly reviewed and updated.  Three major parts of your Estate Plan are constantly moving. The first is the relationships with the people who have roles as Trustee, Personal Representative, Health Care Agent and Financial Power of Attorney and other roles.  Those people in those roles may need to be... [Read More]

Special Needs Class Well Received

Steve’s continuing education class for professionals on special needs planning was well received by the CPAs, Insurance and Financial Professionals in attendance. Some of the information received that was most meaningful to the attendees included: “The ability to keep the challenged child on SSI and Medicaid if properly done.” “Special Needs Trusts clarification.” “The relationship... [Read More]

Your Rental House Puts Your Personal House at Risk

If you own a rental house or apartment, where others are paying rent to reside on your property, it should never be titled in your personal name.  If so, and a tenant falls in the bathtub or on the stairs, your liability for their injuries, which could be lifelong, could take all of your assets. ... [Read More]

Your Taxes, Your Vote

The outcome of the national and state elections will determine what is likely to happen with the Tax Code in the immediate future.  It is fascinating that expert advisors are already setting up on-line and telephone continuing education for immediately after the election on the anticipated new tax codes.  They already have a pretty good... [Read More]

You Have to Prepare for Storms

In the same way that you have to prepare for physical storms of life, such as hurricanes, high winds, and snow storms, you have to be prepared for the other storms in life.  Those storms can include stroke, dementia, heart attack, mental disability, your children’s divorce, car wreck law suits, and law suits by tenants... [Read More]

Use Written End of Life Directives

We are all going to pass on.  Even Lazarus, who Jesus called out of the tomb, eventually passed on again and is not here among us. A Living Will gives your consent to removal of life support (often a ventilator) if you are terminally and incurably ill and death is imminent, or if you are... [Read More]

Plan for Mental Disability

You are six times more likely to become mentally disabled in a year than to pass on.  Estate Planning is about planning for as many contingencies as possible.  Mental decline, dementia, Alzheimer’s, or some other version of mental decline seems to be growing as we age.  In a Revocable Living Trust a/k/a Living Trust, you... [Read More]

Pending Elections Will Dramatically Impact Both State and Federal Taxes

The Bush Tax Cuts are set to expire on December 31, 2012.  There is a bill in the House of Representatives by the Republicans to extend that for one year.  If it is enacted before December 31, it would extend the tax cuts for one year.  If it is not, the tax cuts would disappear... [Read More]

75% of Estate Plans Are Not Current

Studies show that approximately 75% of us do not have a current Estate Plan.  They don’t match the desire of the individual to take care of themselves in the event of their mental disability or take care of their loved ones after they become mental disabled or after they pass on.  If you don’t have... [Read More]