On Saturday, January 26, 2008, Joe Morris, Amy DeGraeve and Seamus Smith were on Peter Newman’s Radio Show, “Moneyline” on KMBZ-980 am radio. The following items were discussed:
1) The benefits of making annual gifts early in the year, including shifting income to family members in a lower tax bracket and removing asset appreciation from your estate that could be taxable at your death.
2) The disadvantages of titling assets jointly with a child, such as the asset becoming available to the child’s creditors.
3) The importance of titling assets correctly. The benefits of an estate plan are diminished, if not eliminated, by improper titling.
Posted by Seamus P. Smith