What's trending on NP Trusts & Estates

October 04, 2016

Author(s): Kelly Acevedo, EA, Amy Bidleman, Stephanie A. Bruno, Barry Chisholm, Darrell R. Kamholz, CPA, Evelyn V. Moreno, Mary-Benham B. Nygren, Sarah M. Richards

Avoiding inheritance battles, how entrepreneurs use life insurance in estate planning, what is a “step-to” in basis at death, five rules to keep in mind for home office deductions, when should a homeowner consider refinancing a home mortgage and how gambling problems can also mean tax problems too. Here’s what’s trending in estate planning and wealth management.

Estate Planning

Avoiding inheritance battles

In order to head off possible conflict over your estate when you die, there are some steps you can take now.—Evelyn V. Moreno

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Building a business? How entrepreneurs use life insurance in estate planning

Building a successful business requires extreme focus and dedication, but no amount of planning for the present can make up for forgetting to consider what will happen to your company when you are no longer around to run it.—Stephanie A. Bruno

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Estate Administration

Can I get paid for serving as an executor?

You’ve been nominated executor of a will. Serving as an executor can be a big time commitment. Here’s what you need to know about being compensated for your time.—Trusts and Estates Editorial Team

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What is a “step-to” in basis at death?

The assets included in your taxable estate receive a “step-to” in basis at your death.—Mary-Benham B. Nygren

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What do I do with Form 8971, Schedule A, I received for my inheritance?

I received an inheritance. The estate’s executor sent me Schedule A to Form 8971. What do I do with this document?—Sarah M. Richards

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Income Tax

Home office deductions: five rules to keep in mind

What you need to know before you take an income tax deduction for your home office.—Barry Chisholm

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When should a homeowner consider refinancing a home mortgage?

It might be beneficial to refinance while interest rates are low.—Amy Bidleman

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What is my stock’s cost basis?

Is your tax accountant asking you for your stock’s cost basis?—Kelly Acevedo

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Have a gambling problem? You may have a tax problem too!

Hit the jackpot? Now it’s time to pay your taxes!—Darrell Kamholz

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Wealth Management

The markets’ irreconcilable differences

Why thoughtful diversification matters for investors who are not clairvoyant.—David O. Rajala, CFA

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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