6 Things to Ask Before Agreeing to Be a Trustee

Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands.  But being a trustee is also a great responsibility. You need to go into it with your eyes wide open. Here are six questions to ask before saying “yes”: 1. May I...

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How Your IRA Can Benefit Both Your Heirs and Charity

Do you want to use your IRA to help a charity, but also benefit your heirs? Instead of leaving your IRA directly to your children, you can leave it to a charitable remainder unitrust (CRUT) while still benefiting your children. With rules about inherited IRAs potentially in flux, this may be an attractive estate planning option. Currently, when a non-spouse inherits an IRA, the beneficiary can...

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How to Choose a Trustee

  If you create a trust, you will need a separate person or institution, called a “trustee,” to manage the trust either now or in the future, depending on the type of trust.  Choosing the right trustee is crucial to making sure your wishes are carried out. The choice is important because being a trustee can be a difficult job, with a trustee’s duties including making proper...

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What Is Cost Basis and How Do You Prove It?

Knowing the “cost basis” of your property is important for tax purposes, but proving cost basis can be difficult. Cost basis adjusts at death, so it is a good idea to appraise property when a joint owner dies. Cost basis is the monetary value of an item for tax purposes. When determining whether a capital gains tax is owed on property, the basis is used to determine whether an asset...

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Woman’s Efforts to Change Will Without Professional Assistance Backfire

Just as making a will without the help of a qualified attorney can be dangerous, trying to change an existing will on your own can fail as well.  A recent court decision in Minnesota serves as a cautionary reminder to anyone thinking of altering their estate plan on their own. Esther Sullivan executed a will in 2006, that gave half of her property to a former employee of hers, Tara Jean...

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Understanding Tenancy — Co-Owning Property

When two or more individuals own property — whether it’s a condominium, a home, or a piece of land — the relationship between the owners is very important. The form of ownership of the property affects how property is transferred to someone else. It is important to make sure you have the right form of ownership for your property. Tenancy in common allows an owner the greatest...

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