What Wealth Managers Should Know About DSTs
As a wealth manager, you have a high degree of responsibility in helping your clients manage their financial affairs. Your services typically go beyond investment advice and include estate and trust planning, philanthropy, tax management, and ancillary financial and legal matters. Often, your role includes coordinating the services of other client team members, including accountants.
What is a General Durable Power of Attorney?
Power of attorney is a term most people have heard. However, there are multiple types, and it is important to understand the difference when you are planning your estate. A power of attorney can give an agent or agents you name the ability to act on your behalf financially, medically, and in other matters.
How to Claim Capital Losses In a Tax Return
Anytime you sell an investment for less than you paid to acquire the asset, you’ll generate a capital loss.
What is Pari-Passu?
Pari passu is a term used in some industries that means that the parties or assets in a financial transaction are treated equally. It stems from the Latin meaning of pari passu, “with equal steps,” or “on equal footing.” The parties might include creditors, business partners, securities, or investors.
Which States Have an Estate Tax?
Some states have an estate tax, which may apply to your assets upon your death. At the time of this writing, only twelve states and Washington, D.C., have an estate tax.
What is the Difference Between Under Contract and Pending in Real Estate?
Under contract and pending have similar meanings when used as a status for a real estate listing. And, while they are sometimes used interchangeably, they have slight differences that can impact whether someone will make an offer.
What is the Only Safe Harbor for Reverse Exchanges?
Many 1031 exchanges – swapping one investment property for another in order to defer capital gains and depreciation recapture tax liabilities – are completed as forward exchanges where investors sell relinquished assets and close on replacement properties within 180 days.
What is a Self-Directed IRA in Real Estate
Self-directed individual retirement accounts (SDIRAs) can have some potential benefits compared to traditional employer-sponsored retirement accounts, especially for experienced investors.
Can You Amend Form 8824 For a 1031 Exchange?
One of the most important documents associated with completing a 1031 exchange is IRS Form 8824 for like-kind exchanges.
