“Most people don’t realize that we have two systems of taxation. One taxes income as it’s earned; the other taxes wealth as it changes hands. During a person’s lifetime, we call this transfer tax the gift tax. At his or her death, we call it the estate tax, and it could carry significant tax consequences [...]
Filed under: Estate Planning - Generally, Estate Tax, Gifts and Gift Tax, Tax | No Comments »
“The price tag for the nation’s housing crisis escalated again with reports Tuesday that a record number of Californians lost their homes to foreclosure in the last three months and that a potential bailout of mortgage giants Fannie Mae and Freddie Mac could reach $25 billion.
The figures were released as the House prepared to vote [...]
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“There are those “life changing moments”… like buying your first home, getting a divorce or starting a business that may require the help of an attorney. Attorneys, after all, do more than provide legal information; they offer strategic advice and apply sophisticated technical skills to legal problems. The question is: How do [...]
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“Americans can save billions of dollars annually on credit card and other interest payments by raising their credit scores, but many consumers still don’t know enough about the complex numerical values that represent their credit risk.
Washington Mutual estimates that, because financial institutions offer lower interest rates to consumers with better scores, consumers could reduce credit [...]
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“One way of doing this is through divorce mediation. The basic attitude marking divorce mediation is a focus on solving problems, not fighting the fight. It is a voluntary process which gives a divorcing couple the opportunity to make their own arrangements for their financial and personal future, while protecting themselves and their children from [...]
Filed under: Estate Planning - Generally, Powers of Attorney and Living Wills, Premarital Agreements, San Diego Estate Planning | No Comments »
“Vicki Miller bought her childhood home in Altoona, Pa., from her mother’s estate for $32,000, using a nice, traditional mortgage from the local savings and loan.
Seven years later, her debt has more than doubled, her once-significant equity has shrunk to zero and she’s behind on her payments. The lender has begun to threaten foreclosure.
Miller said [...]
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The New York Probate and Estate Litigation Blog reports that “[t]oday’s New York Times reports that the late Leona Helmsley has left a mission statement in connection with a testamentary trust valued as high as eight billion dollars. In it, she directs that virtually the entire fund be applied to the welfare of dogs.
From [...]
Filed under: Charities and Charitable Giving, Current Events, Estate Planning of the Rich and Famous, Trusts, Wills and Trusts | No Comments »
