One of the issues attorneys assess in evaluating an appropriate estate plan for a client is whether a revocable trust, also known as a living trust, is the best vehicle for implementing the client's wishes. The revocable trust is frequently used with a Last Will and Testament to direct assets to intended beneficiaries but may also minimize the expense and delays of the probate process. A revocable trust does not change the disposition of the estate, but in many cases the trust is a more efficient path to achieve the transfer of assets.
As with all legal issues, many factors play a role in this ...
One of the biggest challenges for many clients is keeping up with their tax advisors while he or she is explaining the details of a particular tax matter. For instance, the term “recapture” sounds more like a rule out of a game of capture the flag than the word used to denote a certain type of income recognition. While there is certainly too much tax lingo to create an exhaustive list on this blog, perhaps the definitions below will help you get more out of your next tax representation, and at the very least, will help you hide that “Bueller?” look on your face.
- Adjusted basis – The cost ...