The coronavirus (COVID-19) pandemic has resulted in sweeping changes for individuals and businesses around the country. In response, the U.S. government has recently taken steps and made announcements to ease the economic distress caused by the outbreak. In many cases, the exact details of the relief aren't yet available, but here are three recent developments you should know about. 1. … [Read more...] about COVID-19 Response: Three Developments from Washington
Age-Related Tax and Financial Planning Milestones
In an era of uncertainty, you can count on one thing: Time marches on. While you can't beat Father Time, you can prepare for these age-related tax and financial planning milestones as you and your loved ones grow older. Don't Overlook Estate Planning Regardless of age, almost all adults should do at least some estate planning — though few people are currently exposed to the federal … [Read more...] about Age-Related Tax and Financial Planning Milestones
Is Your Family Medical Leave Policy Up-to-Date?
The Administrator of the Department of Labor's Wage and Hour Division (WHD) periodically responds to new Family Medical leave Act (FMLA) compliance questions from employers and employees. Notable ones are posted for the benefit of people facing similar situations. Here's a sampling. A recent case deals with whether an employee's time away from work to attend regular meetings at her … [Read more...] about Is Your Family Medical Leave Policy Up-to-Date?
Decanting May Allow Trustees to Fix a Damaged Trust
When a trust is irrevocable, you might think it can't be changed — even if it contains drafting errors or becomes ineffective or obsolete due to changing tax laws or family circumstances. Or can it? Actually, through a process known as decanting, many irrevocable trusts may be "fixed," when trustees deem it necessary. Power to Pour In common parlance, decanting is pouring … [Read more...] about Decanting May Allow Trustees to Fix a Damaged Trust
The Secure Act – 2020 New Law Affecting Qualified Plans Payable to a Trust
By: Greg Reese, President & CEO, AmeriEstate Legal Plan, Inc. The Setting Every Community Up for Retirement Enhancement Act, better known as the SECURE Act, was signed into law on Friday, December 20, 2019 and became effective as of January 1, 2020. For purposes of this article, traditional IRAs and employer tax deferred accounts such as 401(k)s, 403(b)s, and 457s will all be referred … [Read more...] about The Secure Act – 2020 New Law Affecting Qualified Plans Payable to a Trust
10 Tax Elections to Save Money on Your 2019 Return
2020 is a presidential election year. You'll have an opportunity to cast a vote for your favored presidential candidate in November, but you can make several other key "elections" this year when filing your 2019 tax return. These elections may be influenced by the Tax Cuts and Jobs Act (TCJA), as well as the year-end spending package that was signed late last year. Here are ten … [Read more...] about 10 Tax Elections to Save Money on Your 2019 Return
Getting Married Again? Revisit Your Estate Plan
You can expect your life to change in significant ways when you marry for a second (or subsequent) time. As with all major life events, marriage calls for an estate plan review. Even if you removed your former spouse's name from estate documents when you were first divorced or widowed, you'll want to review your will, trusts, health care directives, powers of attorney and other estate … [Read more...] about Getting Married Again? Revisit Your Estate Plan
AmeriEstate: Take on Trust
We are all about celebrating life here in Costa Mesa. But tending to our end-of-life affairs? Um, raincheck! It’s hard enough to wrap our heads around the inevitable, much less our wallets. Making financial decisions now – in preparation for old age and beyond – is an issue we’d rather avoid completely, thank you very much. That’s a common, and very human, response to the topic … [Read more...] about AmeriEstate: Take on Trust
How Do You Structure Repayment Terms for a Deferred Sales Trust Installment Note
Generally, the terms of note will be Seller driven and the resulting terms must be reasonable and commercially viable. The initial term we would offer would be anywhere from 1 year to 10 years… Seller picks their desired term. The payback structure is very flexible in that the seller could: defer receiving payments for up to a couple of years or so; take a partial … [Read more...] about How Do You Structure Repayment Terms for a Deferred Sales Trust Installment Note
Tax Rules that Apply to Home-to-Rental Conversions
Residential real estate values have fully recovered in many areas, and rental rates are strong. To take advantage of this favorable situation, consider buying a new residence and converting your current home into a rental property that you can sell later for a higher price. This strategy can be a tax-savvy move, but it's not right for everyone. Here are some important tax issues to … [Read more...] about Tax Rules that Apply to Home-to-Rental Conversions
