A Trust can Qualify for a Section 121 Deduction (For Sale of a Personal Residence)

section 121 deduction qualifying trusts

Typically, people take it for granted that there will not be any tax when they sell their personal residence.  Technically, there is a tax, but the government also offers a limited exclusion under Section 121 of the Internal Revenue Code. For individuals who sell their primary residence, you can exclude the first $250,000 of gain.  […]

Why Should I Hire an Estate Planning Attorney?

estate planning law attorney

The short answer is: control. Proper estate planning is essential to controlling how much of your estate you pass on, to whom you pass it on, and when it is passed on. Back in March, I listed the Top 10 Reasons to Have a Will. However, not only should you have a Will, but in […]

Top 10 Reasons to Have a Will

1, To determine who gets your money (Naming beneficiaries) 2, To determine guardianship (Saying who will take care of you children) 3, To determine who controls the money (Naming of executors and trustees) 4, To minimize estate or inheritance taxes 5, To avoid the cost of an insurance bond (If you do not allow for […]

Business Succession Planning: FLLC

Business Succession Planning: FLLC

Some of you may have seen these scary statistics: According to the U.S. Small Business Administration, 90 percent of the 21 million small businesses in the U.S. are family-owned, but less than one-third of family-run companies succeed into the second generation, while only half of that make it to the third. Most often, the lack […]