As one gets older and less able – or even willing – to deal with financial responsibilities, it is common to turn to others to help take care of your finances. The most comprehensive tool to use in such a case would be a financial durable power of attorney, in which you, as principal, name
ABLE disability savings accounts are now available in Missouri
On April 24, 2017, Missouri launched MO ABLE, the state’s Achieving a Better Life Experience disability savings program. Missourians with disabilities may now open an ABLE account to save and invest, tax-free, without jeopardizing federal needs-based benefits such as SSI and Medicaid. For more information about the ABLE Act, which Congress passed in December 2014
The gift tax is here to stay. What is it, and how can you avoid it?
Along with the recent talk of health care and income tax reform, there has been much discussion of repealing “death” taxes or estate taxes (see our earlier post regarding that topic here). We are yet to find out if there is enough political support to make that happen or how transferring wealth at death
IRS releases AFRs for May 2017
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2017. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for May 2017:
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|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.15% |
1.15% |
1.15% |
1.15% |
|
Mid-term |
2.04% |
2.03% |
2.02% |
I like to move it, move it… to another state! (But what about my estate plan?)
Moving from one state to another is often time-consuming. You may spend days looking for the right home or apartment, and more time painting, remodeling or ripping down outdated wallpaper — not to mention countless hours bubble-wrapping and then unpacking fragile items.
But to really make sure your move is perfect, you need to review
Mo probate, mo problems: A process to avoid?
Probate is the process by which estate assets pass to a person’s surviving heirs after death. With certain exceptions, any asset the decedent owned in his or her individual name must go through probate.
If a decedent dies with a valid will in place, it is referred to as a testate estate. If the decedent
Did you know certain tax return due dates changed this year?
As a result of legislation enacted in 2015, the filing deadlines for certain tax returns due in 2017 have changed. Congress included tax return due date legislation as a revenue provision in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The legislation, signed into law in July 2015, made changes to
IRS lists AFRs for April 2017
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for April 2017, reflecting increases from the March rates. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for April 2017:
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|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.11% |
1.11% |
Naming a minor as beneficiary can be a major mistake
In most states, including Missouri and Illinois, 18 is the legal age of majority. At that age, a person becomes an adult in the eyes of the law and gains all of the rights that go along with adulthood. Any person under 18 is a minor and, generally, does not have the legal capacity (or
IRS publishes AFRs for March 2017
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for March 2017, reflecting decreases from the February rates. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for March 2017:
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|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.01% |
1.01% |