A memo prepared by the House Ways and Means Committee outlining the proposed tax law changes has been released. The memo is accompanied by the actual bills submitted to the House. The memo outlines a variety of proposed...more
There is a strong possibility that 2021 will see significant changes to our tax laws. The Biden Administration and various Democratic legislators have proposed a variety of changes to our system of taxation for corporations...more
The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
9/16/2020
/ Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Inheritance Tax ,
IRS ,
Presidential Elections ,
SLAT ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Rates
The current year sees us coming off a good year in the stock market and an economy that is strong. However, in November there is another presidential election cycle, which could bring change to which political party controls...more
3/3/2020
/ Asset Management ,
Beneficiaries ,
Beneficiary Designations ,
Estate Planning ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Trustees
Estate Planning for Real Estate Owners -
Estate planning for valuable, illiquid assets presents a variety of challenges. With respect to real estate, planning challenges can be compounded due to fractional ownership, outside...more
3/27/2019
/ Advance Directives ,
Buy-Sell Agreements ,
Death Tax ,
Debt ,
Estate Planning ,
Income Taxes ,
Living Will ,
Power of Attorney ,
Property Owners ,
Real Estate Development ,
Tax Planning
The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 20, 2017, with an effective date of January 1, 2018. The Act doubled the exemption amounts for taxpayers for estate, gift, and generation skipping transfer...more
The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning. Recent changes to the...more
Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more
The transition of a family owned business involves a variety of legal and tax issues. While most business owners plan to avoid taxes and develop creditor protection strategies, business owners also should be focused on...more