Donor Advised Funds

Estate Plan: Charitable Giving = Donor Advised Fund

Do you make sizable gifts to charitable causes? If you’re fortunate enough to afford it, you can realize personal gratification from your generosity and may be able to claim a deduction on your tax return. But once you turn over the money…
inheritance

Beware IRD if you’ve received an inheritance

Most people are genuinely appreciative of an inheritance. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn’t the case with an asset that’s considered income in respect…
Blended Families Estate Planning

4 estate planning techniques for blended families

Today, it’s not unusual for a family to include children from prior marriages. These “blended” families can create estate planning complications that may lead to challenges in the courts after your death. Fortunately, you can reduce…
IRA rollover deadline

Apply for a Waiver: Missed 60-Day IRA Rollover Deadline

IRAs and employer-sponsored plans such as 401(k)s are powerful retirement savings tools, but they also provide valuable estate planning benefits. If you hold a traditional IRA for life, for example, your children or other heirs can stretch out…
S corporation stock
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Only certain trusts can own S corporation stock

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only…
estate tax liability

A joint home purchase can ease estate tax liability

If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift…
If you made gifts last year, you may (or may not) need to file a gift tax return

Do you need to file a Gift Tax Form this year?

Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With the April 17 filing deadline approaching,…
Life Insurance
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Life Insurance: Estate Planning for Nontaxable Estates

For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid…
Have you taken state estate taxes into accoun
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Have you Taken Federal Gift & Estate Tax into Account?

The Tax Cuts and Jobs Act has doubled the federal gift and estate tax exemption, with inflation-adjustments projected to raise it to $11.18 million for 2018.This means federal estate taxes are a concern for fewer families, at least in the short…
Gift estate GST taxes

Tax Reform and the Gift, Estate and GST Taxes

As Congress and President Trump pursue their stated goal of passing sweeping new tax legislation before the end of the year, many taxpayers are wondering how proposed tax reform will affect  estate planning; specifically, the future of gift,…