When someone passes away and leaves assets to their heirs, one of the most overlooked but powerful tax benefits that can come into play is the step-up in basis. This tax rule can significantly reduce capital gains taxes for heirs and makes a big difference in estate planning and wealth transfer strategies. What Is a […]
Understanding the Step-Up in Basis at Death: What It Is and Why It Matters Read More »
With the recent disasters in the state of CA, people who lost homes are currently filing claims with their insurance companies. There have been many references in social media and on various platforms discussing the need for adding property as an additional insured. Read below to better understand how you can better protect your real
How to Make Sure Your Home is Insured if You Have a Revocable Trust Read More »
Understanding retirement account distribution rules is essential for proper estate administration and for avoiding costly mistakes. Beneficiaries of IRAs, 401ks, 403bs, Roth IRAs and other retirement accounts are determined by written beneficiary designations on file with the financial institution holding the funds. Unless you are the named beneficiary, a Trustee or Executor cannot ascertain who
Navigating Inherited Retirement Accounts: What Trustees and Beneficiaries Need to Know Read More »
Inheriting assets or property from a loved one is often seen as a gift, but there are circumstances where disclaiming an inheritance might be the best course of action. At TrustParencyPC, we understand that this decision can be complex and emotional. Here are some reasons why someone might choose to disclaim an inheritance and how
Why Would Anyone Disclaim an Inheritance? Read More »
What is a Fiduciary Duty and how does it apply to Trustees and Executors*? A fiduciary duty is an obligation to act in the best interest of another party. A Trustee has a fiduciary duty to the beneficiaries of a Trust to hold and protect the assets for their eventual benefit. An Executor of a
What is a Fiduciary Duty and how does it apply to Trustees and Executors? Read More »
