1. Create an asset to pay for a grandchild’s education. Did you know that you could pay for a grandchild’s education by planting a black walnut tree? If you plant the tree at a child’s birth and sell it when that child goes to college, you can sell it for approximately $60,000. This is according…
Who would have thought? This “lame duck” session of Congress may pass a tax bill before the end of this year that has good parts and parts everyone can find objectionable. Part of the plan is an amazing proposal to increase the exemption for death taxes for estates that are $5,000,000 or less for the…
Idaho adopted a new Financial Power of Attorney law in 2008. Everyone is just getting used to the new forms. Why have one? The power of attorney allows the people you elect (your agents) to handle financial business on your behalf. A “durable” power of attorney means it is effective even if you are incompetent.…
What a mess we have in the tax laws for 2010! For one year only, 2010, there is a law that applies to “stepped-up basis” for estates of individuals who died in 2010. Why do you care? Well, the heirs of someone who dies in 2010 can save thousands of dollars in taxes if they…