Tag Archives: buy

Domicile – Where You Live Affects Your Taxes

A successful business owner with a large estate passed away in 1976. He had grown up in Texas, moved to California and also lived for many years in Nevada. With a $2.5 billion estate, there were substantial federal and state taxes. While the estate proceedings were held in Nevada, both California and Texas sued to collect state estate tax. The Nevada Court eventually determined that the domicile or personal residence of the businessman was in Nevada. While this was an unusual case with a very large asset value, there are several reasons why you should understand the basic rules of domicile. Where you live can affect both the distribution of your estate assets and your estate taxes. Continue reading

Helping Children Tomorrow

Parents and children often have a different perspective on saving and spending. Parents of retirement age today were born during the Great Depression or during the 1940s and have a strong desire to save and invest in order to increase economic security.

Some of their children may have a different perspective. Because their children did not grow up during adverse economic times, they tend to consume more and save less. Understandably, many of these parents hope that their children could have greater economic security during retirement. Continue reading