Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...] about The Little Things May be the Most Important
Selecting an Agent under a Power of Attorney
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...] about Selecting an Agent under a Power of Attorney
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...] about Turning the Page on 2018 and Looking Forward to 2019
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...] about Grantor Trusts Provide Flexibility and Ease
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...] about How Are Trusts Taxed?
Proposed Regulations Address “Clawback” Issue
The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more. Proposed Regulations Address … [Read more...] about Proposed Regulations Address “Clawback” Issue
Giving Back
Giving back provides many benefits, whether in life or at death. The article explores ways of giving back and some of the tax benefits available, both during life and at death. The article provides a couple strategies to maximize the tax benefits, such as grouping deductions and doing a charitable IRA rollover. Giving Back … [Read more...] about Giving Back
Estate Planning is About More Than Taxes
Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits. Estate Planning is About More Tan Taxes … [Read more...] about Estate Planning is About More Than Taxes
Special Accounts for People with Special Needs
ABLE accounts provide tax benefits and flexibility to disabled people. ABLE accounts are available to those disabled before age 26. Read on to learn more about ABLE accounts and how they can be used with a Special Needs Trust for maximum advantage. Special Accounts for People with Special Needs … [Read more...] about Special Accounts for People with Special Needs
