Tag Archive for "beneficiaries" | Davis Law Group, P.C.

Tax Basis: What You Need to Know and How It Can Impact Your Estate

“Tax basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about.

Nevertheless, a basic understanding of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial...

August 11, 2021

Davis Law Group

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Davis Law Group

757, attorney, beneficiaries, capital gains, capital gains tax, Chesapeake, Davis Law Group, death tax, Douglas Davis, estate, estate planning, estate tax, greenbrier, Hampton Roads, heirs, hrva, inheritance, Law, legal, Norfolk, Portsmouth, southeast Virginia, Suffolk, tax, tax attorney, tax basis, tax changes, tax code, tax law, taxes, Tidewater, va, Virginia, Virginia Beach

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Gifts Your Family Will Love but the IRS Won’t Tax

What changes will we see to the tax code in the near future?

At this point it is all speculation but don’t let that prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones.

Make Annual Exclusion Gifts

Annual exclusion gifts are transfers of money or property in...

August 4, 2021

Douglas Davis

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Estate Planning & Administration

attorney, beneficiaries, Chesapeake, coastal virginia, counsel, Davis Law Group, educational exclusion, estate attorney, estate plan, estate planning, estate planning and trust administration, finances, financial planning, gifts, greenbrier, Hampton Roads, heirs, hrva, IRS, Law, law firm, lawyer, legal, medical exclusion, Norfolk, Portsmouth, southeast Virginia, Suffolk, tax, tax code, tax free gifts, tax law, taxable gifts, taxable income, Tidewater, va, Virginia, Virginia Beach

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161

Can I Make Estate Plans Without My Spouse?

The American family has changed quite a bit over the last few decades, and assumptions that a couple will share bank accounts, tax obligations or even last names can be thrown out the window.

Nowadays, there are plenty of options for couples to keep finances, identities and future plans separate. But what about when it comes...

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May 6, 2021

Douglas Davis

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Davis Law Group

757, attorney, beneficiaries, Chesapeake, co-parent, coastal virginia, COVA, Davis Law Group, DLG, estate, estate attorney, estate law, estate plan, estate planning, estate planning and trust administration, greenbrier, Hampton Roads, hrva, inheritance, Law, lawyer, legal, marriage, Norfolk, partner, Portsmouth, power of attorney, southeastern virginia, spouse, Suffolk, Tidewater, trust, va, Virginia, Virginia Beach, will

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Loan, Gift, or Advancement: Why the Classification Matters

While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning.
Accordingly, the intent behind the transfer of the money is key when determining if it will be considered a loan, gift, or...
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January 27, 2021

Douglas Davis

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Davis Law Group

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Tag Archives: beneficiaries

Tax Basis: What You Need to Know and How It Can Impact Your Estate

“Tax basis” is a term used frequently in tax law. But for many, the term is unfamiliar and intimidating—perhaps something they feel is better left to a certified public accountant to worry about.

Gifts Your Family Will Love but the IRS Won’t Tax

What changes will we see to the tax code in the near future?

Make Annual Exclusion Gifts

Can I Make Estate Plans Without My Spouse?

The American family has changed quite a bit over the last few decades, and assumptions that a couple will share bank accounts, tax obligations or even last names can be thrown out the window.

Loan, Gift, or Advancement: Why the Classification Matters

While we all want to provide financial help to our loved ones—whether they are family or close friends—it is important to understand that how the money is classified will directly affect your estate planning.

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