Series: Some basics ~ Trusts and Wills

February 22, 2019May 23, 2022 Anibal Group LLC RealtyNetWorth.com Wills/ estates/ trusts/ inheritance Wills/ Trusts/ Estates/ Inheritance

Every year I assist folks in the ‘trust/ will/ estate’ conversation. It’s a ‘before/ during/ after’ situation that can change quickly. Taxation (filings/setup), real estate holdings (transfers & Anibal Group LLC RealtyNetWorth.com elder care assistance

Anibal Group LLC RealtyNetWorth.com elder care assistance

liquidations), and forensics (planning, investigating, or court professional witness) are all part of these conversations. Timing plays a critical role, and the sooner the better.

Many don’t know there was/is a fiduciary tax return to file. Others, think they are doing well to transfer deeds prior to death, but then leave family complications or large tax bills behind. Sadly, many families have ‘something seems strange’ situations where the numbers don’t seem to add up.

This chart shows some of the major differences between a Will and a Trust:

Tool allow:	Will	Trust
Name beneficiaries ?	yes	yes
Name guardians?	yes	no
Leave property to my children?	yes	yes
Avoid probate?	no	yes
Make changes?	yes	yes
Keep document private?	no	yes
Appoint someone to execute it?	yes	yes
Leave final wishes?	yes	no

What now? Please solicit advice from multiple sources based on various areas of Anibal Group retiree assistance specialization….e.g.:

professional insurance/
legal/
tax/
financial planner/
lender/
realty broker/
and even a spiritual advisor. Yes, even your pastor will have great insights to share re: what the rest of us professional see ‘after the fact’. I can’t stress this enough, virtually every family has ‘issues’ when $’s and control come to play. Many client families I’d never dreamed would have had disagreements have family splits, even when little to nothing was left to disagree over.

Well the key word is ‘now’. Advice & planning is worthless after someone becomes feedback_todo_checklist incapable of handling their affairs, or passes. Review your strategies and go forward. Later, the complexity and expense – financial and emotional – will grow exponentially!

Don’t know where to start? Do the clerical work. Don’t know where that starts? Contact me for assistance.

Our approach will be looking at the bigger picture. ( See our theNetWorthLife.com site) You can also begin by sharing you’re thoughts, dreams, needs, goals, and comfort parameters.

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Year-end tip(s): Update your Assets spreadsheet. Keep a draft of your Trust/ Will documents on a google drive format for easy sharing with your insurance/ legal/ and tax counselors.

SERIES: Your net worth strategy~Another RNW Brokerage Perk: Income Tax Savings.

How much you can SAVE on INCOME TAXES using a REALTY BROKER (us) that gives INCOME & PROPERTY TAX ADVICE in the professional service package & offers ALA CARTE BILLING?

SERIES: Your net worth strategy just changed with the tax law changes. The ‘Portfolio Approach’ has never made more sense than now. AnibalGroupLLC_RealtyNetWorth_tax-savings-with-buy-sell-brokerage

Think about if you have, had, or are considering any of the below?

… income property?
… a small business or 1099 contract income?
… an entity such as S-Corp, LLC, or Partnership?
… using property as home office, land storage rental, pole barn use, attached apartment for related/unrelated, or VRBO.com style letting?
… college (or other) housing for student/ child?
… providing housing for parent?
… vacation/ seasonal property that may have mixed rental/ personal use?
… relocation related to work?

Here’s an example of what you could save over using another agent/ brokerage who will not be including or offering taxation perspective in how your deal is structured, financed, the timing, how title is held, and other topics from a taxation perspective.*

* Anibal Group LLC does not offer legal advice. This article is not to be considered advice specific to your situation. Most financial decisions should involve advice from a trusted professional of your choice that will advise on insurance, legal, banking/ lending, structural/ property condition, and other transaction significant matters. We can offer referrals for CPA’s and other professionals.

New Tax Law: Planning Now – before end of 2018

November 29, 2018December 1, 2018 Anibal Group LLC RealtyNetWorth.com Income taxes, Individual

The standard deduction for married couples rises to $24,400, for individuals it increases to $12,200, up $400 and $200, respectively. That’s the big news (that you’ve already heard). Anibal-Group-LLC-NetWorthBasics-20181109_155508

What now? Well the key word is ‘now’. Tax advice/planning is worthless after Jan. 1. There are many strategies available going forward. But they virtually all require pre end of year planning. Later, you’re basically doing clerical work.

Now, more than ever, we are in an era of ‘portfolio real estate’ approach – looking at the larger picture, considering ‘all the pieces’ to the tax/networth puzzle.

Lets sit down. Tell me you’re long term thoughts, dreams, needs, goals, and comfort parameters.

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Year-end tip: Statistically holiday season is by far best time to purchase your vacation, investment (hands off managed ‘passive’ or active), retired parental rental, student rental, & flips of any kind be it ‘wholesaling’ or hands-on. Deductions in these areas now became game changers vs the old – mostly gone – ‘itemized deductions’.

1040 Itemizers: Tax laws changed, you’re probably under withheld for 2018

April 18, 2018April 18, 2018 Anibal Group LLC RealtyNetWorth.com Individual

Get answers today.

If you’ve been itemizing, you’re likely in for a surprise. With the new generous near doubling of the ‘standard deduction’, while the tax tables (and your payroll provider) will adjust from a standard deduction perspective, they may miss the fact that you would have ‘extra’ deductions that help out on the 1040.

Its best to estimate now than to get a surprise later.

Get my perspective.

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Michigan Retirement Benefits – what’s taxable?

February 13, 2018April 25, 2019 Anibal Group LLC RealtyNetWorth.com Retirement

Here’s a ‘quick n dirty outline’: Anibal-Group-LLC-RealtyNetWorth-Senior_Services_mom-dad-time-to-sell-house

“…Retirees born before 1946 are not likely to see any change in the tax treatment of their benefits.
Retirees born during the years 1946 through 1952 will only be taxed on benefits that exceed $20,000/single filer or $40,000/joint filers.
Retirees born after 1952 will be taxed on all of their benefits until reaching age 67…”

More at

New Tax Law: Planning Now

December 26, 2017December 26, 2017 Anibal Group LLC RealtyNetWorth.com Uncategorized

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Year-end tip: Your deductions may be worth more this year than next, consider advance paying some deductable expenses.

When to elect S-Corp status

December 15, 2017 Anibal Group LLC RealtyNetWorth.com Uncategorized

Whats’ a ‘retroactive election’?

Anibal-Affiliates-RealtyNetWorth-ask-sign Most small-business owners and even some tax preparers don’t realize that you can make a retroactive election to be an S-Corp for 2017 if you already have been operating as an LLC all year long. A tax accountant or CPA can help you with the procedure and make reference to the proper revenue procedures to include with your Form 2553. Many believe there is a hard and fast 75-day rule at the beginning of the year to make this election for all of 2017. This is certainly not the case. Talk to your CPA to follow the correct procedure to get a retroactive election accepted.

Year-end tip: Make a retroactive election for your LLC to have an S-Corp for all of 2017, and get your payroll allocation completed before year-end.

How to set up a corporation or LLC in Michigan?

August 25, 2017August 25, 2017 Anibal Group LLC RealtyNetWorth.com Uncategorized

When setting up a corporation in Michigan your initial consultation is ALWAYS free and we’ll discuss:

Anibal-Affiliates_Realty_NetWorth-Entity-selection-infographic

Choose Corporate Name. …
Appoint Registered Agent. …
Set Up Corporate Books. …
Prepare Corporate Bylaws. …
Appoint Corporation Directors. …
Hold First Board of Directors Meeting. …
Issue Company Stock. …
Taxation Related:
- EIN: Your corporation must obtain a federal employer identification number (EIN).
- S Corporation Filing: If the corporation wants to elect S corporation status for tax purposes, it must submit Form 2553 Election by a Small Business Corporation (signed by all the shareholders).
- UIA
Business Licenses: Local DBA’s as needed, etc.
Don’t forget to: File Michigan Annual Report Requirements.

Long term care insurance – do I need it?

March 30, 2017February 22, 2019 Anibal Group LLC RealtyNetWorth.com Retirement, Uncategorized

Well, after seeing a long time client use over $100,000 worth of LT care this year alone, you Anibal-Affiliates-RealtyNetWorth-Old+People+and+technology may wish to visit this question closer. Fortunately, they had purchased LT care insurance.