Do You Have To Pay Capital Gains Tax On A Home Sale
Video Summary
Do you have to pay capital gains tax on the sale of your home? Well, that depends. The new provisions or the provisions and the internal revenue code that have been there for several years provides that. If you’re a single person and you sell your home and you’ve lived in the home for two of the past, owned and lived in your home for two out of the past five years, you can exempt up to $250,000 of gain. So, if the sale of your home is less than 250,000, the sale is not even reported to the Internal Revenue Service. You may have to check a box that you sold your house. However, if it’s for more than 200 and $50,000, whenever you do your taxes, your accountant will know to exempt the gain. So, you’ll have to show your basis and then exempt $250,000 of gain if you have more than $250,000 in gain.
Yes, you would have to pay capital gains tax. If you’re married and you own this house jointly and have owned and lived in the house for two out of the past five years, the amount increases to $500,000. So, if the house sells for less than $500,000 per husband and wife, then you can, you don’t even have to report the sale. If it sells for more than that amount, you can exempt up to $500,000. And if you have more than $500,000 of gain, you would pay the capital gains tax on any, any gain over and above the 5,000. If you have any question about the sale of your house, give me a call at (727) 847-2288.
- Published in Estate Planning, Real Estate – Selling, Videos
What Do I Need To Create A Medical Directive
Video Summary
Do I need to set up a medical directory directive? Yes, you should. The medical directive has a HIPAA waiver in it, which authorizes the hospital to release your information to a third party. Without this, without a HIPAA waiver, they’re not supposed to discuss your medical condition or release your records to anyone. Many times you sign this in the doctor’s office, but if you go into the hospital and you’re not able to sign these releases or a hip waiver, then they’re not supposed to discuss this with anyone. So that’s the purpose of the medical directive, is to authorize someone to be able to find out how you’re doing in the hospital, that’s a HIPAA waiver, and also access your medical records. That also allows them to make medical decisions for you if you’re unable to do so. They do not have a right to override your decisions or either verbal or written that you’ve given if you go into the hospital. So, yes, you should have a medical director, which is a designation of a healthcare cert. If you have any questions, please call me at (727) 847-2288.
- Published in Estate Planning, Videos, Wills
WHAT IS A MIRROR IMAGE WILL
Video Summary
What is a mirror image will? A mirror image will is whenever two persons name each other as the beneficiary. So,say Mary Jones says I leave everything to John Brown and John Brown in his will turns around and says, I leave everything to Mary Jones. You usually go further that says that the event that either Mary Jones dies or, he either one of ’em passes away, they name the same, alternate beneficiaries and name each other as their executors. And then depending on the circumstance, whether they name it the same alternate personal representative. So the mirror image will particularly, as far as husband and wife is concerned, but it doesn’t have to be a husband and wife. They basically name each other. And the terms of their wills are the same whenever either one of them passes away. So if you will give a call (727) 847-2288.
- Published in Estate Planning, Videos, Wills
ARE MY ASSETS PROTECTED FROM CREDITORS IF I SET UP A TRUST
Video Summary
Are my asset protected from creditors if I set up a trust? If you set up a trust for state planning purposes, for the in order to avoid probate, and you designate yourself as trustee, your assets are not protected from creditors. You have control over these assets and if a creditor obtains a judgment against you, they can attach a levy upon any asset that you hold as trustee, under your trust as if they were just in your name alone. So setting up a revocable trust, does not protect your assets from creditors. You have questions about this. Give me a call at (727) 847-2288.
- Published in Estate Planning, Trusts, Videos
Can I Contest the Handling of Money By My Power Of Attorney Representative
Video Summary
Can I contest the handling of money by my power of attorney representative? The answer is yes, under Florida law. The power of attorney who is now called an agent is responsible to prepare an accounting of the handling of any of your monies. I find that most of the time they do not do that, particularly if they’ve mishandled it, but certainly you can sue them for if they used the money improperly and that they have a, what they call it. They’re in a position of trust called a fiduciary relationship and they don’t use the money for your behalf or what they’re authorized to use it for. They are reliable to you for any abuses of the power of attorney. You have any questions, give me a call at (727) 847-2288.
- Published in Estate Planning, Videos, Wills