When President Clinton inked the Taxpayer Relief Act of 1997 on August 5, 1997, he dramatically changed the way home sales are taxed. Prior to the change, homesellers could delay paying tax on a home sale if they “rolled-over” the gain and purchased a more expensive home within 2 years of the sale. A separate […]
Archives for May 2016
PRENUPTIAL AGREEMENTS
It used to be that only those with vast fortunes to protect considered a premarital agreement as part of their wedding plans. Now, however, it’s not just the Michael Jacksons and Lisa Presleys that are ironing out their financial obligations in the event of a divorce before they even take their marriage vows. Such steps […]
BE CAREFUL WITH THE POWER OF ATTORNEY
When most people hear the term “estate planning” they think of a Last Will and Testament. After all, the Will is typically the cornerstone of one’s estate plan. However, for most of us, it is statistically more likely that we suffer a disability, then die. Therefore, to deal with the problem of disability, many look […]
WHAT’S THE DIFFERENCE BETWEEN A DURABLE POWER OF ATTORNEY AND A REGULAR ONE?
For starters, all powers of attorney are simply written documents whereby you authorize someone to act on your behalf. For example, a mother may name her daughter to act for her. However, if your power of attorney is not “durable”, you may find that the power of attorney is useless when it is needed most. […]
PENNSYLVANIA CHANGES ITS LAW ON POWERS OF ATTORNEY
In another article, I look at the benefits of a power of attorney. After all, it’s an easy way to give someone else (your “Agent”) the power to act on your behalf in the event you become disabled. In the second article, however, I was careful to warn of the problems that arise if you […]