The Beginning of Summer
What a great season...end of the school year, youth sports, family vacations, backyard barbeques, weddings, graduations, and so much more. Time passes so quickly and with each year we get to experience a new view. As I help people plan for the unknown of the future, I sometimes have to remind myself how important it is to enjoy each moment along the way. I hope you have a wonderful summer and enjoy the view!
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Three Legal Documents Every Graduating Senior Needs
It's graduation time, which means your "baby" is all grown up and preparing to head out into the real world.
But before your son or daughter packs up for summer vacation or even their first semester of college, I want you to think about what it means having a child who is an "adult" in the eyes of the law.
From a legal standpoint, I can tell you that it means you'll now need written permission to make important medical or financial decisions on his or her behalf.
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What You Don't Know About Income Tax Basis
Could Hit Your Bottom Line
Income tax basis may not be the most exciting topic to read about. However, it is a critically important topic to anyone who owns significant assets. Gaining an understanding of the basics of basis is a way to avoid costly mistakes.
The Real Meaning of Basis
According to IRS Tax Topic 703, your basis "is generally the amount of your capital investment in a property for tax purposes. Use your basis to figure depreciation, amortization, depletion, casualty losses, and any gain or loss on the sale, exchange or other disposition of the property."
In plain English basis means the cost you paid for an asset, plus any amount you paid to improve the asset, less any deductions you've taken against the asset. This means that your basis is used to determine the amount of capital gain or loss to report on your income tax return when the asset is sold.
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 Is It Time to Take Action?
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
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