D.C. Estate Tax Exemption Reduces Significantly in 2021

Clifford M. Cohen December 10, 2020 No Comments

As we enter the giving season, there is an additional reason to be charitable. Congress enacted a special provision that allows more people to easily deduct up to $300 in…

End-of-Life Care Decision Making

Clifford M. Cohen December 3, 2020 No Comments

Just as we create estate plans for our eventual demise, we also need to plan ahead for the possibility that we will become sick and unable to make our own…

older man and woman looking at document handing to them by attorney

Watch Out for These Potential Problems with Life Estates

Clifford M. Cohen December 3, 2020 No Comments

Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for.

Judge or Legal advisor lawyer examining and signing legal documents.

Paying Taxes When Selling an Inherited Vacation House

Clifford M. Cohen December 3, 2020 No Comments

While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons.

Special Tax Deduction for 2020 Allows Donations of $300 to Charity Without Itemizing

Clifford M. Cohen December 3, 2020 No Comments

As we enter the giving season, there is an additional reason to be charitable. Congress enacted a special provision that allows more people to easily deduct up to $300 in…

Experienced business woman working in her home office, with her laptop and a work journal on the table. Mature woman staying focused and productive, even in the comfort of her own home.

Gifts to Grandchildren: What Do UGMA and UTMA Have to Do With Grandma?

Clifford M. Cohen November 11, 2020 No Comments

The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts.

The Hazards of Do-it-Yourself Estate Planning

Clifford M. Cohen November 11, 2020 No Comments

Many websites offer customized, do-it-yourself wills and other estate planning documents. Although these products are convenient, using them could create serious and expensive legal problems for heirs.

Advanced Directives and Estate Planning Senior man examining last will and testament

Don’t Forget to Fund Your Revocable Trust

Clifford M. Cohen November 11, 2020 No Comments

Revocable trusts are a very popular and useful estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust.

Do You Pay Capital Gains Taxes on Property You Inherit?

Clifford M. Cohen November 11, 2020 No Comments

When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it.

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