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For an accurate estimate based on your region, inflation, and other factors, talk with a trusted insurance not know that estate planning attorneys often work with insurance agents to provide their clients a trusted

A recent post on New Jersey 101.5’s website, “Red flags to avoid when  donating to charity,” cautions that when you’re looking for a worthy cause for a donation, be certain that it’s a “qualified exempt organization” per the IRS, which has a list of these charities on its website. Remember that charitable contributions are deductible only as itemized deductions. If the donation is for non-cash contributions to a qualified charity valued at more than $500, you must also fill out and attach Form 8283 with your return to the IRS. Typically, if the value of the donated property for which you plan to claim a deduction is greater than $5,000—or if the deduction for any one item is greater than $500, you need to have a qualified appraiser’s report. If you don’t have this, the deduction will be based on the estimated fair market value of the property. Fair market value may be based on the current sale price of comparable items, based on the age and condition of the property and on the similarity of the compared and donated items. The fair market value of ordinary household goods and clothing is usually much less than the original purchase price. Some organizations, like the Salvation Army and Goodwill, provide a donation value guide that lists common items donated and the average value. Be precise with your records of the donation. If you are donating household items or clothing, the items have to be in “good used condition.” You can’t donate that old plaid sofa in the basement—the one that no one would ever use—just to get it out of the house. If the amount you are donating to one organization is more than $250, you’ll need a written receipt itemizing the items and the values—and even with donations less than $250, it’s a good idea to get an itemized written receipt. Reference: New Jersey 101.5 (January 2, 2016) “Red flags to avoid when donating to charity” #EstatePlanningLawyer #HoustonWills #Probate #Inheritance #HoustonTrustsandEstates

Knowing that there are special charitable trusts you can set up to payout to your favorite cause while discussed with an estate planning attorney so you rest assured that the correct kind of charitable trust

Create a living trust.

Augustine’s petition also claimed that the will’s beneficiaries took advantage of the trust and confidence Kirk Kerkorian was obligated to provide $7 million to a trust created on Kira’s behalf based on his marital Under the will contest settlement, another $1.5 million will be given to the teen’s trust. HoustonWills #Probate #ProbateCourt #Inheritance #LeagueCityProbateAttorney #HoustonEstatePlanningLawyer #Trusts

In such cases, we frequently recommend a management trust to avoid annual accountings, which is less

“Treasurer distributes Granite City millionaire maiden’s fortune” #Intestacy #HoustonGuardianship #TrustsandEstates

meetings between families and/or lawyers so that everyone’s concerns are communicated clearly Establishing trust

This may include creating a living will, setting up trusts, and designating beneficiaries for retirement

“Treasurer distributes Granite City millionaire maiden’s fortune” #Intestacy #HoustonGuardianship #TrustsandEstates

you can avoid paying income tax on an otherwise taxable distribution from an IRA by having the IRA trustee

Those who choose to work with a Certified Dementia Practitioner can rest assured knowing they have a trusted