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How Is Legacy Planning Different from Estate Planning?
Some people scoff at the notion that there is a fundamental difference between estate planning and legacy planning. After all, both refer to a plan for distributing your assets after your death, plus related concerns like end-of-life issues. In addition, both types of planning usually involve preserving wealth, sharing good fortune with your heirs, and possibly safeguarding family keepsakes.
Is a Charitable Remainder Trust Revocable?
Leaving a financial legacy can take on many different forms. Creating a charitable remainder trust to benefit your favorite foundation, museum, community group, university or nonprofit organization is an avenue to consider when deciding how to commemorate your financial achievements and cement a fiscal legacy.
How Much Does a Revocable Living Trust Cost?
Determining how your valuable assets will be handled after you pass is a crucial aspect of estate planning. Many people place important assets such as real property, cash, brokerage and money market accounts, bonds, business interests and other important financial resources and possessions into living trusts while they are still alive so that they know exactly who will receive these assets upon their death. Revocable living trusts differ from other types of trusts because the grantor – the creator of the trust – can change, alter or void the provisions of the trust at any time.
Are Late Fees Considered Rental Income?
Owning a rental property comes with many different kinds of tax advantages and deductions that can be helpful at tax time.
What Is Tangible Personal Property?
If you can feel it and relocate it, then it meets the definition of tangible personal property. Tangible personal property is a term most often used for tax purposes. It describes a wide range of items used in the course of conducting business or for operating a rental property. Items that are considered tangible personal property can be depreciated over five or seven years using the straight-line depreciation method. However, these items also can be depreciated using the accelerated method if you desire.
Can a Spouse Be Next of Kin?
Without a will or estate plan, your assets will be inherited by your next of kin after your passing. Discover who qualifies as next of kin, what responsibilities the next of kin have, and if your spouse can be named next of kin.
What Is a Full Service Lease?
Owners of investment properties have several options when determining how to lease their space to tenants. They may want to choose a lease structure based on their property type and its benefits. A full service lease has a predictable and straightforward structure that you can modify to benefit yourself as the landlord or investment property owner through the lease agreement.
What Is a Real Estate Rollover?
Real estate investment properties can offer many potential benefits, including important tax breaks, stable cash flows, passive income, portfolio diversification, and asset appreciation.
What Is a Real Estate Mutual Fund?
Mention the term “real estate investment,” and what might come to mind is a direct investment. This means you directly own that physical property. You’re also the landlord, with hands-on duties when it comes to the successful functioning of that physical property (not to mention the satisfaction of your tenants).
How to Relinquish Rights to a Property
There are a few different ways to relinquish or transfer rights of ownership to real property.
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