What is Step-Up Basis and How is it Beneficial for Trusts and Estates? Step-up basis allows for the tax basis to be stepped up to fair market value upon the transfer of an asset at death. What is basis? The IRS defines basis as “the amount of your capital investment in property for tax purposes.”
estate planning san diego
Benefits of Estate Planning: Why Updating Your Estate Plan Helps You Keep Up with Life’s Contingencies
Benefits of Estate Planning The sun is out, the birds are chirping, and you are feeling jubilant. You have just left an experienced Trusts and Estates attorney’s office, and your robust estate plan is assembled exactly to your specifications. You have created a will, designated your medical and financial powers of attorney, and executed a
Essential Estate Planning Checklist
Estate Planning Checklist One of the common misconceptions the estate planning team at RJS LAW hears is that estate planning only applies to wealthy people with lots of assets. This could not be further from the truth. A proper estate planning checklist should encompass everything you own and include instructions as to how you want
IS HOARDING CONSIDERED ESTATE PLANNING IN LIGHT OF COVID-19
Do you have a square to spare? Consult your estate planning attorney and ask whether hoarding is considered estate planning in light of COVID-19 pandemic. If you have made a trip to Costco or to your local grocery store to buy toilet paper you may have a surprise. For instance, you know that there is
ESTATE PLANNING FOR COVID-19
Are your affairs in order?Estate Planning for COVID-19. Most people do not want to talk about the possibility of being physically or mentally incapacitated, about death, or what happens to your loved ones after you pass away. It is a sensitive subject, but without a comprehensive estate plan, family members can be caught off-guard when