You may be uncomfortable at the thought of discussing your estate with your loved ones. But failing to do so could result in disagreements and conflicts when the details are revealed after your death. Discussing your plans in advance gives you a chance to explain: The distribution of your estate. Why you made certain decisions. You can also write a personal letter to … [Read more...]
Estate Planning 101: An Introduction
What Is an Estate and What Planning Is Involved? It's important for you to understand what the word "estate" means so that you do not underestimate the broad scope of the term. The "estate" consists of all the property a person owns or controls. Examples of the more well-known items include personal property, real estate, bank accounts, insurance policies, business interests, certain trust … [Read more...]
Good News! More Families May Be Eligible for the Child Credit in 2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, 2017, made significant changes to the child credit. This credit is generally available to taxpayers with children under the age of 17, but the new law adds a new (smaller) credit for other dependents. Here are the details. Say Goodbye to Dependency Exemptions … For Now The new tax law isn't all good news for … [Read more...]
Take Time to Plan Your Estate
If you're like most people, you've probably delegated estate planning to the realm of things to be done "someday." Most people dislike confronting their own mortality, but proper estate planning accomplishes two major objectives -- it ensures that your wealth is distributed according to your wishes and it can reduce the payment of federal and state estate taxes. By formally planning your … [Read more...]
Is a Deferred Sales Trust Right for You?
What are the advantages of a Deferred Sales Trust (DST)? The Deferred Sales Trust, or DST, provides a unique exit strategy for an appreciated business or piece of real property. A component of the DST is the use of an installment sale strategy to defer and manage the tax obligations that come with the sale of an appreciated asset. Some of the negative features of the traditional way an … [Read more...]
What are the Differences Between a Deferred Sales Trust (DST) and a Charitable Remainder Trust (CRT)?
There are perfectly legal ways to defer capital gains tax and reduce your overall tax burden. Those of you who own highly appreciated assets such as homes, businesses, commercial and residential real estate, even high value collectibles, are often reluctant to sell that asset because of the capital gains tax and depreciation recapture costs associated with the sale. There are perfectly legal … [Read more...]
The Practicality of Estate Planning
The Practicality of Estate Planning You work hard to provide for your family, pay for your child's college tuition, and ensure your family lives a good life. Wouldn't you want to make sure that still happens when you're no longer there? A well-thought-out estate plan can help accomplish that goal. Estate planning seems like a huge undertaking, but it's quite manageable if you seek … [Read more...]
Retirement Account Catch-Up Contributions Can Add Up
Are you age 50 or older? If so, you can currently make extra "catch-up" contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age wealth. Unfortunately, many people are unaware of this retirement savings bonus. Here's what you need to know to reap the benefits. The Basics Eligible … [Read more...]
Tax Cut Law: Mostly Good News for Employers and Employees
The most immediate concrete change the Tax Cuts and Jobs Act (TCJA) will bring about for employers is new payroll tax withholding rates. Here's the latest word from the IRS: "We anticipate issuing the initial withholding guidance in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits of the change as early as February. The IRS will be working closely … [Read more...]
Is Social Media Activity Putting You or Your Clients at Risk?
Winter can be a busy time for travel. Snowbirds try to escape the cold. Grandparents long to visit loved ones in distant cities. Jetsetters want to ring in the New Year in a memorable locale. Regardless of the season, travel brings photo opportunities that are prime for posting on Facebook, Twitter, Instagram and other social media platforms. But fraud-savvy people think twice before engaging in … [Read more...]
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