Category Archives: Trust Funding
Education Trust vs. 529 Plan: A Comprehensive Comparison
When it comes to saving for your child’s education, two popular options often come to mind: Education Trusts and 529 Plans. Both have their advantages and disadvantages, and understanding the tax implications of each can be crucial in making an informed decision. In this article, we will delve into the differences between Education Trusts… Read More »
What Are the Disadvantages of a Trust?
Complicated and Difficult to Understand One of the disadvantages of a Trust are that Trusts are very difficult to understand. Historically, trusts used language that was specific to the legal field. For those that were not trust and estate lawyers, it was almost impossible to understand. To make things more complicated, trusts often use… Read More »
Heggstad Petition – The Solution to a House Not in Trust at Death
Heggstad Petition Are you a trustee and trying to sell your parent’s or spouse’s house after they have passed away? Did he or she have a Trust, but the house was in his or her individual name (not in Trust)? An all too common problem. Enter the Estate of Heggstad to the rescue! The… Read More »
How Should You Take Title to Your Home? (Part 3 of 3)
Something that is often overlooked when buying your home is how you should take title to your home. For most of you, when you buy a home, your biggest concerns are with the price, the location, the aesthetics, the school district, etc. Once you find the home of your dreams, you’ve qualified for the… Read More »
How to Avoid Paying Capital Gains Taxes When You Sell Your Home (Part 2 of 3)
Once you calculate your capital gains when you sell your home, the next step is figure out how to avoid paying capital gains taxes when you sell your home. Capital Gains Tax Exclusion on the Sale of Your Home You probably know that, if you sell your home, you may exclude up to $250,000… Read More »
How Do You Calculate Capital Gains Taxes When You Sell Your Home? (Part 1 of 3)
Before you can calculate the capital gains taxes on the sale of your home, you must first understand basis. The examples below are for illustrative purposes only. For a complete understanding and a full review of your specific situation, contact an Orange County Estate Planning Attorney at Modern Wealth Law. What is the Basis… Read More »
