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What Is Next of Kin and How Does it Work?

What Is Next of Kin and How Does it Work?

If you die without leaving a will, you leave behind a complicated financial situation for your potential heirs. Regardless of any wishes you had for your estate while you were alive, your financial assets will be distributed according to the laws of your state.

What Is the Difference Between a Section 121 Exchange and a 1031 Exchange?

What is the Difference Between a Section 121 Exchange and a 1031 Exchange?

If you own an investment property and are in the market to sell for a new property, you can defer taxes using the IRS tax code provisions. Depending on the type of property you own, you may qualify for a 1031 exchange or a section 121 exchange. Learn the differences between the two and how you can take advantage of both to potentially defer your capital gains taxes.

Apr 4, 2022

How Many Beneficiaries Can You Have?

How Many Beneficiaries Can You Have?

Creating a will can alleviate many legal and financial considerations upon your passing. It’s a legally binding document that ensures your spouse, children, and other named heirs are the beneficiaries of your estate. A will also avoids tying up your estate in a lengthy probate process that can delay the distribution of physical and monetary assets to your heirs.

Does a Transfer on Death (TOD) Override a Will?

Does a Transfer on Death (TOD) Override a Will?

One of the traditional means of distributing assets at the time of death is through a will, sometimes called the last testament. Wills are legal documents that codify the intended allocation of a person’s assets following their death, and they are a vital part of estate planning. However, if you don't have a will, you abdicate control over who gets what, and few people are willing to cede that authority to the probate courts.

How to Write a Letter of Instruction for Heirs

How to Write a Letter of Instruction for Heirs

Protecting your financial legacy and ensuring the monetary and physical assets you’ve amassed are properly transferred to the beneficiaries of your choosing is a cornerstone of estate planning.

Do You Have to Pay Taxes on a Trust Inheritance?

Do You Have to Pay Taxes on a Trust Inheritance?

Estate planning is crucial to ensure the capital and assets you’ve spent your career amassing remain with the beneficiaries of your choosing.

Apr 2, 2022

Can a Beneficiary Decline an Inheritance?

Can a Beneficiary Decline an Inheritance?

For many, receiving an inheritance is a life-changing financial windfall that provides the ability to pay off debt, upgrade into a larger home, invest in new business opportunities, or put money into your child’s college fund.

How Do I File a Late 1099-MISC Form?

How Do I File a Late 1099-MISC Form?

Businesses document compensation paid to non-payroll employees and vendors using various 1099 forms. Gig workers, freelancers, and independent contractors receive a 1099-MISC, typically sometime in mid to late January, if they’ve earned more than $600 in compensation in a financial year.

Apr 1, 2022

What Is Fair Market Value and How Is it Calculated?

What Is Fair Market Value and How Is it Calculated?

When you become a real estate investor (or any kind of asset investor, for that matter), understanding calculations, data and information allow you to understand asset performance. This is especially important when it comes to buying and selling those assets.

What Is a Healthcare Power of Attorney? (HCPA)

What Is a Healthcare Power of Attorney? (HCPA)

People use the term “power of attorney” for various purposes, including financial matters and even legal issues. However, the specific power delegated is more often about agency than legal matters. The American Bar Association defines power of attorney as giving “one or more persons the authority to act on your behalf as your agent.”

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