Taking Care of Your Heirs

Many people find it hard to come to terms with their own mortality, which can make transitioning wealth from one generation to the next very difficult. But putting it off, and worse still, not dealing with it, can be one of the worst mistakes we can make. Death is not...

S Corporations — Know the Advantages

S corporations are entities that can pass corporate income, losses, deductions and credits through to shareholders for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are assessed a tax at their...

Capital Gains and Losses: How Do They Work?

A capital gain is a profit made when you as an individual or business sell a capital asset — investments or real estate, for instance — for a higher cost than its purchase price. A capital loss is incurred when there’s a decrease in the capital asset value...

Capital Gains, Losses and Sale of Home

You may be trying to get your brain around how to figure out basis of property that you receive as a gift. Here’s what you have to consider: The adjusted cost basis to the donor just before he or she made the gift to you.The fair market value (FMV) at the time...

Living Wills — and How to Use Them

If you find yourself on life support, who will make decisions for you? Unfortunately, it’s been estimated that fewer than one in three Americans have what’s called a living will or advance health care directive. But no matter what you call it, it’s...