News / Finance
Death and Taxes: Things You Should Have in Place Before You Die
"Death and taxes are something we cannot avoid, yet many people do not plan for the inevitable," says Lisa Solomon, author and radio show host of The Solomon Free Money Hour on Angels AM 830 Radio. There are three enemies you want to avoid to protect your assets and life decisions. Of course, contact your own financial advisor, attorney and CPA.
The first enemy to avoid is probate. If you do not have a trust, there can be legal battles for assets not in a trust (minor children may not be protected). Probate is also very expensive, very time consuming and is something that can be avoided.
The second enemy to avoid are predators / lawsuits. This is where an ex-spouse, family member, etc. may want somethiang that may not have been part of a trust had you done a trust. There are ways to protect your assets and preserve them for your chosen heirs.
The third enemy is taxes. This is where income taxes and estate taxes come into play. If you have proper estate planning you can avoid capital gain taxes, minimize inheritance taxes and defer taxes. If you own a business, you must have an exit strategy designed for you. If you owned a home and want to pass it on to the appropriate heir, then you want to speak with the right real estate agent well in advance to know all your options. "For example, my grandmother is old and has dementia. We had to get the property refinanced into her daughter's name before she passes away and options change," says Solomon, of Solomon Financial Mortgage.
The bottom line is that you should have a plan designed for you and your business with options that you have chosen well in advance. "If you need a referral to a CPA, attorney, life insurance agents, trust attorneys, let our office know. We do not profit from this service and simply point you in the right direction so you can make a smart, well informed decision," says Solomon.
For PR/media interviews, contact
Solomon Financial Mortgage & Realty
(800) 811-7709
The first enemy to avoid is probate. If you do not have a trust, there can be legal battles for assets not in a trust (minor children may not be protected). Probate is also very expensive, very time consuming and is something that can be avoided.
The second enemy to avoid are predators / lawsuits. This is where an ex-spouse, family member, etc. may want somethiang that may not have been part of a trust had you done a trust. There are ways to protect your assets and preserve them for your chosen heirs.
The third enemy is taxes. This is where income taxes and estate taxes come into play. If you have proper estate planning you can avoid capital gain taxes, minimize inheritance taxes and defer taxes. If you own a business, you must have an exit strategy designed for you. If you owned a home and want to pass it on to the appropriate heir, then you want to speak with the right real estate agent well in advance to know all your options. "For example, my grandmother is old and has dementia. We had to get the property refinanced into her daughter's name before she passes away and options change," says Solomon, of Solomon Financial Mortgage.
The bottom line is that you should have a plan designed for you and your business with options that you have chosen well in advance. "If you need a referral to a CPA, attorney, life insurance agents, trust attorneys, let our office know. We do not profit from this service and simply point you in the right direction so you can make a smart, well informed decision," says Solomon.
For PR/media interviews, contact
Solomon Financial Mortgage & Realty
(800) 811-7709
