By Greg Reese, Principal Reef Point, LLC Certified Trustee for the Deferred Sales Trust The DST starts with an owner of an appreciated asset who wishes to sell that asset and defer taxes on his or her gain. In order to defer the gains on the sale, the seller/taxpayer must engage with the Estate Planning Team (EPT) and its Tax Attorneys BEFORE the property is actually sold and the … [Read more...]
The Deferred Sales Trust (Part 2)
A Legal, Tax-Based Strategy for Deferring the Payment of Capital Gains Taxes By Greg Reese, Certified Trustee for the Deferred Sales Trust Today we bring you Part 2 of our series covering the Deferred Sales Trust (DST). The DST is a legal, tax-based strategy for deferring the payment of capital gains taxes. Greg Reese, AmeriEstate Legal Plan, Inc., President and CEO and Principal of Reef … [Read more...]
The Deferred Sales Trust (Part 1)
A Legal, Tax-Based Strategy for Deferring the Payment of Capital Gains Taxes By Greg Reese, Certified Trustee for the Deferred Sales Trust Today we begin our series of AmeriEstate articles covering the Deferred Sales Trust (DST) as a legal, tax-based strategy for deferring the payment of capital gains taxes. Greg Reese, AmeriEstate Legal Plan, Inc., President and CEO and Principal of Reef … [Read more...]
Definition of a “Grantor, Settlor, or Trustor” of a Trust
Definition of a “Grantor, Settlor, or Trustor” of a Trust These terms are often interchangeable. The Grantor, Settlor, or Trustor of a trust decides how the trust will operate, including: what property to include in the trust, who the beneficiaries will be and how beneficiaries will receive their inheritance. When the trust is revocable (i.e., can be changed or terminated until the grantor … [Read more...]
Are You Personally Liable for an LLC?
The LLC form of company ownership generally shields individual owners (known as members) from personal liability for the debts or obligations of the LLC. Creditors of an LLC can normally only go after the assets of the LLC and not the member's individually owned assets. Are you personally liable for business debts? There are certain situations where you can be held personally liable for … [Read more...]
Five Reasons to Update Your Estate Plan
Important Reasons to Review and Update Your Estate Plan Let’s assume you are among the approximately 30% of adults who have done the prudent thing and established your Estate Plan. Perhaps you simply created a Will. Have you had it professionally reviewed in recent years? Make sure your plan is still the most suitable for your current estate and goals? Alternatively, do you have a Living … [Read more...]
New Law Eases the Individual Alternative Minimum Tax
Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual Alternative Minimum Tax (AMT). But there's a silver lining: The AMT rules now reduce the odds that you'll owe the AMT for 2018 through 2025. Plus, even if you're still in the AMT zone, you'll probably owe less AMT than you did under the old rules. Why the AMT Hits Upper-Middle-Income Taxpayers Under prior law, many … [Read more...]
New Law Gives Eligible Pass-Through Businesses a Special Tax Break
Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Calculating the QBI Deduction:It's All Relative To illustrate how the qualified business income (QBI) deduction works, let's suppose you and your spouse file a joint tax return for 2018, reporting taxable income … [Read more...]
Save or Shred? Follow These Recordkeeping Guidelines
Are you a recordkeeping pack rat? Many individuals and businesses hold onto paper and digital records indefinitely — just in case. But securely storing years of financial records can become burdensome. Here's some guidance to help minimize recordkeeping overload. Secure Disposal of Sensitive Data Think twice about keeping certain financial records indefinitely. The more records you … [Read more...]
6 Cool Ways to Save Taxes During the Hot Summer Months
The Tax Cuts and Jobs Act (TCJA) may have put a crimp in some of your summer plans by eliminating or scaling back certain tax breaks. But individuals and small business owners still have plenty of opportunities to save taxes. Here are six ideas to consider this summer: 1. Host an Outing for Employees Under prior law, businesses could deduct 50% of the cost of its entertainment and meal … [Read more...]
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