While both wills and trusts are the most commonly used estate planning vehicles to pass on wealth and other assets to your loved ones, putting your home in a trust has several distinct benefits compared to using a will. However, each family's circumstances are different. This is why your Personal Family Lawyer® will not create any documents until we know what you need and what will be the most affordable solution for you and your family—now and in the future—based on your family's conditions.
Most of us don’t have that much extra cash lying around. We simply don’t have the luxury of being able to pay off our family home and maxing out our retirement contributions and investing in a side business. It’s pretty much an either-or proposition. Here are a few options and their advantages.
They say the Tax Cuts and Jobs Act is the biggest overhaul of the US tax system in 30 years. The impact will spread far and wide, starting with a significant cut in the corporate rate from 35% to 21% and lower levies on repatriating overseas profits. Yet, like the rest of us, you're probably wondering, "So, what does that have to do with me?" Even with the biggest impact aimed at businesses, there are still several changes to the personal income tax laws, and we highlight them here just for you!
We're getting close to the end of the year, and a major reform to the tax code (the largest we've seen since the 80's) is just on the horizon. While nothing has been finalized yet, there are some similarities in both the House and Senate versions of the reform bill that we can see and begin planning now! The big changes we see to your personal taxes involve mortgages, children, estate exemptions, and the standard deduction itself.