The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate...more
7/29/2020
/ Beneficiary Designations ,
CARES Act ,
Charitable Remainder Trust ,
Coronavirus/COVID-19 ,
Employee Contributions ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Qualified Charitable Distributions ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Waivers
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more
7/27/2020
/ Asset Protection ,
Creditors ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift-Tax Exemption ,
Homeowner's Insurance ,
Irrevocable Life Insurance Trusts ,
Liability Insurance ,
Life Insurance ,
Tax Planning ,
Tenancy by Entirety
Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping...more
Generally, the proceeds of one’s life insurance policy are included in their taxable estate. A person can remove them by transferring ownership of the policy, but there’s a catch: Wait too long, and one’s intentions may be...more
One of the outcomes of the Tax Cuts and Jobs Act is that children with unearned income may find themselves in a higher tax bracket than their parents. Under the “kiddie tax,” as it’s sometimes referred to, a child’s unearned...more
If one has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, he or she must file FinCEN Form 114, “Report of...more
There are many good reasons to move abroad, such as retirement or to begin a new career. But before finalizing plans, a thorough review of financial and estate plans is in order. This article answers key estate planning...more
Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more
6/8/2018
/ American Taxpayer Relief Act of 2012 (ATRA) ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Portability ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Relief Act of 2010 ,
Transfer of Assets
People who have dreamed of spending their golden years in a tropical paradise or a culture-rich European city should discuss their plans with their advisor before making a move. It’s important to understand the potential tax...more
Younger taxpayers are faced with a dilemma: Should they minimize gift and estate taxes through lifetime gifts? Or, should they keep assets in their estates to help ease the potential income tax burden on their heirs? The...more
In This Issue:
- Estate planning for young families: Flexibility is the key
- Get smart when tackling estate planning for intellectual property
- Avoiding undue influence claims
- Estate Planning Pitfall:...more
A new grandparent often considers making a gift to the newest member of the family. However, before taking action, it’s important to understand how the generation-skipping transfer (GST) tax may affect an estate plan. The GST...more
In This Issue:
- Unintended consequences: After divorce, review your
estate plan to avoid surprises
- Protecting your real estate assets
- How will the GST tax affect your estate plan?
- Estate...more
8/4/2014
/ Community Property ,
Divorce ,
GST ,
Homestead Exemption ,
Inter Vivos Gifts ,
Irrevocable Life Insurance Trusts ,
Marital Assets ,
Property Owners ,
Property Ownership ,
QTIP Trusts ,
Real Estate Investments ,
Tax Planning
One of the funding mechanisms for health care reform is a new 3.8% Medicare contribution tax on net investment income (NII) going into effect this year. The tax applies to higher-income individuals as well as to trusts and...more