Gilbert Wealth Articles

How to Calculate Adjusted Basis on Your Primary Residence

When you go to sell your primary residence, calculating your adjusted basis is an essential step in determining whether you’ll owe capital gains taxes. The adjusted basis represents your investment in the property and is used to calculate your taxable gain or loss upon sale.So whether you're thinking about selling your home or just want to know what to track while you own the home to make selling easier in the future, this article explains what the adjusted basis is, how it’s calculated, and why it matters for homeowners. What is "Adjusted Basis"? Your basis is generally what you paid…
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What Is a Family Trust?

The moment someone mentions a ‘family trust,’ it’s easy to start questioning your entire estate plan—or lack thereof.  "Family trust" just sounds official—like one of those things responsible people already have figured out.If you’ve ever had that moment—usually right after talking to a friend who just finished their estate plan or seeing a headline with bold promises—you’re not alone. And if you love your family (and who admits they don’t?), then of course you should have one… right?Well, maybe. But before you rush off to fix this apparent hole in your legacy plan, it’s worth pausing to ask: what is a…
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Living Will vs. Healthcare Directive: Understanding the Key Differences

When planning for medical emergencies or end-of-life care, two important legal tools often come into play: the living will and the healthcare directive. While these terms are sometimes used interchangeably, they refer to different aspects of healthcare planning and serve distinct purposes. Understanding the differences can help you make informed decisions about your own care—or help you guide a loved one in doing the same. What Is a Healthcare Directive? A healthcare directive (also called an advance directive or advance healthcare directive) is a broader legal document that appoints someone to make healthcare decisions on your behalf. It sometimes can…
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What Revocable Living Trusts Do – And Can Other Tools Do It Too?

A Revocable Living Trust (RLT) offers many benefits, but it’s not the only estate planning tool available. Many people already have beneficiary designations, joint ownership, or powers of attorney in place—and wonder if that’s enough.Let’s take a closer look at what an RLT can do and compare how other tools measure up. Benefit #1 - Avoid Probate What an RLT Does:Assets titled in the name of the trust avoid probate entirely. This means no court involvement, no delays, and no public process. The successor trustee simply follows the instructions you’ve left behind. However, if you use what's called a "Pour-over…
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What Is a Revocable Living Trust and Do You Need One?

A revocable living trust is one of the most commonly recommended estate planning tools. It can provide privacy, avoid probate, and offer flexibility in how your assets are managed and passed on. But while it offers some advantages, it's important to understand its limitations and know where it fits within your overall estate planning strategy.Revocable Living Trusts are can be one component of a greater estate planning strategy including:Your Last Will and TestamentFinancial Powers of AttorneyBeneficiary Designationsand, Asset Titling What is a Revocable Living Trust? A revocable living trust is a legal arrangement you create during your lifetime to manage…
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The Bank of Mom and Dad: FAQ and Closing Thoughts

Being the Bank of Mom and Dad isn’t about playing financier—it’s about using your resources wisely to bless your family without undermining your financial security or family harmony. Done thoughtfully, lending can: Pass along some financial benefits to future generations. Preserve dignity on both sides. Reinforce personal responsibility. Build intergenerational trust. But it requires structure, documentation, and heart-to-heart conversations—so that your generosity leads not just to opportunity, but to lasting unity and understanding. This is Part 3 of the How to Be the Bank of Mom and Dad Series. Part 1: How to Be the Bank of Mom and Dad: A…
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How to be the Bank of Mom and Dad: Funds, Terms, and Estates

So you've decided you want to become the Bank of Mom and Dad. Fortunately, you don't have to register with the state or federal government. However, there are some important considerations you should address.  This is Part 2 of the Bank of Mom and Dad Series. Part 1: How to Be the Bank of Mom and Dad: A Guide to Lending Support Without Losing Your Mind (or Money) – Gilbert Wealth Part 3: The Bank of Mom and Dad: FAQ and Closing Thoughts – Gilbert Wealth The Best Sources of Funds Before you act as a lender, assess how the loan fits…
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How to Be the Bank of Mom and Dad: A Guide to Lending Support Without Losing Your Mind (or Money)

Many parents want to help their children financially—but just handing over a check isn’t the only option. More and more families are turning to what’s often called the “Bank of Mom and Dad,” where parents offer loans instead of gifts to children for major life expenses: buying a home, starting a business, or consolidating debt. Done well, it can be a powerful way to support your child while preserving fairness and family harmony. Done poorly, it can lead to resentment, financial strain, and even legal trouble.This guide covers how to be the Bank of Mom and Dad wisely blending heart…
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After the Fall: What History Tells Us About Markets That Drop 25%

When the market drops 25%, it doesn’t just sting—it rattles us. Headlines scream recession, portfolios shrink, the normal group of permabears wake from their slumber to talk gold, and emotions take over. In those moments, it’s natural to wonder: Is this different? Should I get out before it gets worse?It's times like these that I look back to what history has shown us in the past to gain reassurance. History has a story to tell. And it's a story worth listening to. History of 25% Downturns Since 1950, there have been nine times when the U.S. stock market fell at least…
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What Is Generational Wealth and Why Does It Matter?

When people hear the term generational wealth, their minds often leap to sprawling estates, trust funds, and family businesses passed down like heirlooms. This stunning image of the Biltmore Estate captures the grandeur of America’s Gilded Age—a time when the Vanderbilt family stood as the richest in the country. Built by George Washington Vanderbilt II in the late 1800s, the Biltmore was a symbol of unmatched wealth and vision. Yet within a single generation, the fortune that funded this 250-room mansion had all but disappeared.Despite their immense financial power, the Vanderbilts failed to pass on the financial discipline, unity, and…
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