Nearly everyone should consider updating his or her estate plan. This is smart advice even if you're not currently exposed to the federal estate tax. Year end can be a convenient time to reflect on major life changes and plan for the future, including devising strategies to minimize taxes. Reasons to Review Your Plans For 2019, the unified federal estate and gift tax exemption is $11.4 … [Read more...] about Estate Planning Isn’t Just for the Rich and Famous
Your AmeriEstate Living Trust Provides: Protection for and Appointed Access to Your Digital Assets
Estate Planning and Legislation related to Digital Assets By: Greg Reese, President & CEO AmeriEstate Legal Plan, Inc. Traditionally when we think about the administration of a decedent’s estate, we typically envision a process that focuses on the individual’s tangible personal property and belongings, financial assets, business interests and real estate. However, in the … [Read more...] about Your AmeriEstate Living Trust Provides: Protection for and Appointed Access to Your Digital Assets
What Type of Living Trust Should I Have?
Which is the right Trust for you and your family? One of the key goals of estate and Trust planning is to avoid federal estate taxes. Careful estate planning can eliminate a significant estate tax burden for surviving spouses and their beneficiaries. Any of the Trusts below can be useful tools in preserving an estate's assets. But which Living Trust is right for you? Credit Shelter Trusts (A/B … [Read more...] about What Type of Living Trust Should I Have?
What Employers Should Know about HSAs
Health Savings Accounts (HSAs) are a tax-smart way to cover an individual's uninsured medical expenses. Your business can set up HSAs for qualifying employees. Then the business can fully or partially fund the accounts or let employees fund them with salary-reduction contributions. While it's too late to add HSAs to your benefits package for 2019, next year is right around the corner. … [Read more...] about What Employers Should Know about HSAs
Get Real: New ID Requirements for U.S. Travel
Soon you may not be able to pass through security checkpoints at your local airport using your current form of identification, even if you're just flying domestically. The crackdown is aimed at U.S. citizens who don't yet have a "Real ID-compliant" driver's license, United States passport, United States military ID or another acceptable form of identification. The requirements for … [Read more...] about Get Real: New ID Requirements for U.S. Travel
Take Time to Review Your Retirement Savings Strategy
While you're considering health care benefits options during your "open enrollment" period, you should also take stock of your retirement savings strategy. Are you saving enough to cover your retirement needs? The answer depends on many factors, including your expected living expenses, bucket list items (such as travel and hobbies) and potential medical and long-term care costs. Also be … [Read more...] about Take Time to Review Your Retirement Savings Strategy
Reap Tax Rewards from Year-End Harvesting
The stock market has experienced plenty of ups and downs this year. So some investors are poised to take big gains for 2019, while others are currently showing losses and many have both. What are the tax consequences if you sell securities? There's no fast answer. But it helps if investors understand the basic rules and plan accordingly at year-end. Here's a brief overview. Create Net … [Read more...] about Reap Tax Rewards from Year-End Harvesting
Bonus Depreciation for Your Business: Let’s Review Your Options
First-year bonus depreciation has been around for a while now. However, the Tax Cuts and Jobs Act (TCJA) set forth more-generous, but temporary, rules for 2018 through 2026. Recent IRS guidance gives you additional flexibility to fine-tune the bonus depreciation break to suit your specific business and personal tax circumstances. Here's what you need to know. Old Rules, New Rules Under … [Read more...] about Bonus Depreciation for Your Business: Let’s Review Your Options
New Overtime Pay Rules Finalized for 2020
The U.S. Department of Labor (DOL) has issued the long-anticipated final version of its overtime eligibility rules. The changes will take effect on January 1, 2020. As a result, the DOL estimates that 1.3 million workers will be newly eligible for overtime pay. Are any of them on your payroll? Read on to find out. What's Changing? The basic change that takes effect next year is that … [Read more...] about New Overtime Pay Rules Finalized for 2020
Tax Strategies for Seniors
Good things come to those who wait. Older taxpayers may be entitled to some age-based tax breaks. Here are the details: Catch-Up Contributions to Retirement Accounts Older taxpayers can make extra "catch-up" contributions each year to certain types of tax-favored retirement accounts. For the 2019 tax year, the maximum catch-up contributions are: $1,000 for traditional and Roth IRAs, … [Read more...] about Tax Strategies for Seniors
