Search
Archives
Categories
Recent Posts
Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
Read More
Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
Read More
Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
Read More
Busting Common Trust Myths
Used properly, a trust can be the right tool for managing or transferring your assets. Here are three common myths about trusts to help you get the truth.
(Photo Credit: mythbustersreviewusa.blogspot.com)
Trusts Are Too Complicated
Some believe that trusts take too much work in order to get the most out of them. Assets have to be moved into the trust, usually using a formal designation of ownership from one or more people into the trust. If assets are not precisely retitled, surviving family members might have to go through probate anyways. Avoiding probate is one common reason to use a trust. The bottom line is that trusts don’t have to be that complicated if you structure them properly under the guidance of an experienced attorney.
Only Rich People Need Them
Even if you’re of limited means, there could be benefits to using a trust. Avoiding probate by paying the upfront costs to hire an estate planning attorney to draft your trust could be well worth the payoff in the long run. Trusts can make it much easier for your beneficiaries to receive the assets you’d like them to have.
You Don’t Need a Trust Until Death
A trust developed during your life can outline your plans for handling your affairs if you were to become incapacitated. There are big long term advantages to setting up a trust that works for you while you are still alive.
Interesting in putting together a trust? Call us at 732-521-9455 or through email at info@lawesq.net to begin.