Selling or Swapping a Life Insurance Policy Can Make the Death Benefit Taxable
Under IRS Section 101(a)(2), selling a life policy for value makes the death benefit taxable above your cost — five exceptions decide if you owe.
#trust
Trust
Build trust through transparent financial practices
Your Living Trust Owns Nothing Until You Fund It
An unfunded living trust controls nothing — retitle real estate, accounts, and business interests into it, and back it with a pour-over will.
Law Firm Trust Accounting: Why a Three-Way IOLTA Reconciliation Is Your Best Defense Against Bar Discipline
A three-way reconciliation proves the bank statement, trust ledger, and every individual client ledger agree to the penny. It is the monthly process that keeps a pooled IOLTA account compliant with ABA Model Rule 1.15 and out of bar discipline.
Spousal Lifetime Access Trusts (SLATs): How Business Owners Move Future Growth Out of Their Estate
A Spousal Lifetime Access Trust (SLAT) lets a business owner move an appreciating asset — and all its future growth — out of the taxable estate while the beneficiary spouse retains access to distributions. With the 2026 lifetime exemption set at $15 million per individual, this guide covers the mechanics, valuation discounts, the reciprocal trust doctrine, and the divorce and death risks to plan around.
Funeral Home and Cemetery Bookkeeping: How Pre-Need Trusts and Revenue Recognition Actually Work
Pre-need funeral contracts can span 40 years between payment and service, so GAAP defers the revenue as a liability until delivery — while cemetery plot sales are recognized immediately as real-estate-like transactions. A guide to state trusting percentages, perpetual care funds, and the bookkeeping separations that keep deathcare businesses compliant.
Community Property Trusts: How Business Owners in Any State Can Get a Full Basis Step-Up
Alaska, Tennessee, Kentucky, Florida, and South Dakota let married couples in any state opt into community property treatment through a trust, so the entire asset — not just half — gets an IRC Section 1014(b)(6) basis step-up at the first spouse's death. What business owners should know about Section 754 elections, the one-year gift trap under Section 1014(e), and the unresolved IRS guidance.
QDOT Rules, Rewritten: What Treasury Decision 10050 Means for Business Owners with Non-Citizen Spouses
Treasury Decision 10050, effective July 10, 2026, delivers the first substantial update to Qualified Domestic Trust (QDOT) regulations in three decades. Here is why the unlimited marital deduction excludes non-citizen spouses, what a QDOT requires — a U.S. trustee, an affirmative Form 706 election, and security for trusts over $2 million — and which four procedural fixes the new rules make for business owners' estates.
The Deferred Sales Trust: How Business Owners Defer Capital Gains on an Exit Without a 1031 Exchange
A deferred sales trust lets a business owner spread capital gains tax from a sale over 10-20 years under IRC Section 453 with no like-kind reinvestment requirement, but setup and management fees commonly total $100,000-$300,000+ over a decade and the IRS has never issued formal guidance approving the structure.
Commercial Property Management Accounting: Trust Accounting and CAM Reconciliation Explained
Commingling trust and operating funds is illegal in all 50 states with fines from $1,000 to $25,000 per violation, and CAM reconciliation errors can trigger tenant audits years later — here's how three-way reconciliation and a property-specific chart of accounts keep commercial books compliant.
QuickBooks' 2026 AI Impact Report: Why Small Businesses Trust AI Everywhere Except Bookkeeping
Intuit's 2026 AI Impact Report finds 77% of small businesses now use AI regularly, but bookkeeping trails marketing and customer service in adoption because owners cite privacy, accuracy, and trust as the top barriers.
Short-Term Rental Trust Accounting: The Booking-Fee Rules That Can Cost a Property Manager Their License
Property managers who commingle short-term rental trust funds with operating cash face fines from $1,000 to $25,000 per violation and, in states like California, license suspension once commingled amounts exceed $10,000.
The FinCEN Residential Real Estate Rule Is Vacated: A Guide for LLC and Trust Buyers
A Texas federal court vacated FinCEN's Residential Real Estate Rule on March 19, 2026, eighteen days after it took effect, ending the mandatory reporting requirement for all-cash LLC and trust property purchases while FinCEN appeals to the Fifth Circuit.