Estates & trusts

If you are handling the disposition of an estate, you are probably already aware that there was an unexpected reprieve from taxes on the estates of those who died in 2010. But if you’re involved in future estate planning for a loved one or yourself, it’s important to know that high estate tax rates have come back in force this year and beyond. The Ohio Society of CPAs offers a rundown on some of the complexities of estate tax issues.

Do you own a life insurance policy that you no longer need? If so, there are a number of options available to you, including surrendering the policy to receive the cash value or letting it lapse. Another option is a life settlement, in which you sell the policy to an investor. Life settlements have become a $12 billion industry, but The Ohio Society of CPAs warns that there are a few questions you should ask before you sign up.

Are you and your spouse completely familiar with each other’s financial situation? Are critical documents up to date? Are you prepared if a spouse is incapacitated or dies? Failure to share information can magnify problems in a crisis.

Wills are not just for the very rich. They are important legal documents that help guarantee that your wishes will be followed and that your family or other beneficiaries can receive their inheritance without unnecessary delays. Everyone should have a will, particularly if you have children or if you have assets that you plan to leave to a particular person or organization. The Ohio Society of CPAs provides tips on writing an effective will.

At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself in the position of having to help your children with college expenses while at the same time looking after the needs of your aging parents. Squeezed in the middle, you've joined the ranks of the "sandwich generation." It’s a challenge millions of Americans are currently facing.

Getting a mortgage has become increasingly challenging during recent months. One recent survey showed that 67% of those who applied for a mortgage found it more difficult. Although banks now may have stricter lending rules, it is still possible to qualify for a mortgage. Here are a few steps that may make it easier.

Between reluctant buyers and a tightening up of bank lending, many people have found in recent months that it’s a tough time to be selling a home. All is not lost, however. There are several steps you can take to make your home more attractive to buyers.

Reverse mortgages have become a popular option for seniors who would like to reap some of the benefits of the equity they have built up in their homes. However, it’s important to be aware of both the advantages and drawbacks to these loans. The Ohio Society of CPAs explains how they work and the issues to consider.

Caring for aging parents is something you hope you can handle when the time comes, but it's the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier.

People who sell their home may be able to exclude the gain from their income. Here are seven things every homeowner should know if they sold, or plan to sell their house.