What are the tax implications for beneficiaries receiving life insurance proceeds, specifically regarding income tax and inheritance tax?

February 5th, 2023

If 150 acres of farmland were inherited 30 years ago, then in 1997 a Quit Claim Deed was filed to give one of the parties interest up to his siblings but then in 2000 signs on as an owner with those two siblings, does that mean that siblings interest is no longer considered inheritance but now full partnership ownership?

March 9th, 2023

I am a 47-year-old sole provider (mother) of 3 teenage daughters with 50k in a savings account, 300k in investments, 60k in a 401k retirement account, and own a home valued at 300k with a remaining mortgage of 50k. My oldest will be ready for college in September 2006. Should I pay out of the savings account or consider student loans? I may need to go on disability in the next 3 to 5 years. Any advice for long-term planning would be appreciated.

December 14th, 2023

Can we carve out and reinvest the total cost column ($360,127.08) from a non-IRA mutual fund portfolio without triggering a tax?

November 27th, 2024

In a transfer of funds between two accounts, one of the banks makes a mistake and instead of $10,000, it credits the customer's account with $100,000. What can the customer do, and what are the customer's obligations if the bank does not discover the mistake until much later when the money has been spent?

June 7th, 2023