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Tag: estate planning

Illustration showing the legal and tax implications of adding children to a home title as joint tenants with rights of survivorship (JTWROS).
Estate Taxation

Hidden Dangers of Adding Children to Your Home Title: Avoid Costly Tax Mistakes Now!

Table of Contents A common scenario encountered quite frequently is individuals adding their children to their home’s title prior to death as a joint tenant with rights of survivorship (JTWROS) as a means to avoid probate. While there are logical reasons why doing so may be a good idea, in general, without proper tax and legal guidance, it can backfire for several reasons. State property laws establish the value transferred. Primary responsibility for property law rests with the states and not the federal government; therefore, in order to determine ownership and value the transfer of ownership, one must look to
Real Estate Investing

The Myth of the “Real Estate CPA” How To Find a Versatile CPA Firm

Navigating Your Financial Journey with a Versatile CPA Firm Let’s clear the air right off the bat: the term “Real Estate CPA” is a bit misleading. While some CPAs, or CPA Firms might focus their practice around real estate clients, it’s crucial to understand that there’s no special certification making one a “Real Estate CPA.” The National Association of State Boards of Accountancy (NASBA), which regulates CPAs in the states, doesn’t hand out titles based on industry specialization. This distinction is more than just semantics. In fact, when someone labels themselves as a “Real Estate CPA,” it might signal a
Finance

Understanding Required Minimum Distributions (RMDs) and the SECURE 2.0 Act: What You Need to Know

As an IRA or tax-deferred retirement account holder, it’s crucial to know when you must start taking Required Minimum Distributions (RMDs). Under the SECURE 2.0 Act, RMD age requirements are changing: from 72 to 75 over the next decade. Individuals born between 1951 and 1959 must take RMDs at age 73, while those born in 1960 or later can wait until they turn 75. The purpose of RMDs is to ensure you use your retirement funds while you’re still alive, rather than using them as a tax-free estate planning tool for your heirs. RMD amounts depend on your age and