The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
9/16/2020
/ Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Inheritance Tax ,
IRS ,
Presidential Elections ,
SLAT ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Rates
At McNees we understand that the last few weeks have been anxious ones as our clients and their loved ones navigate the onset of Coronavirus COVID-19 and volatile financial markets. Our first priority is the health and...more
Modifying Irrevocable Trusts 101 -
As family and financial circumstances change with time, clients often desire to modify the terms of the trusts they have created. Even if a trust is irrevocable, in Pennsylvania there are...more
IRS Simplifies Rules for Correcting Late Rollovers -
On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more
Education Tax Credits -
There are two tax credits available to help you offset the costs of higher education: the American opportunity credit and the lifetime learning credit. Tax credits are more favorable than deductions...more
When the President signed the American Taxpayer Relief Act of 2012, some observers thought that certain provisions would sound the death knell for a popular legal tax shelter strategy known as Credit Shelter Trusts (CST)....more
Often the most difficult asset for which to plan in an estate plan is non-commercial real property such as a family farm, a hunting cabin or other recreational property. This is especially true when the property makes up a...more
In This Issue:
Who Gets Your IRA? – Six Common Mistakes; Estate Planning for Digital Assets; and Post-Production Issues and Oil & Gas Leases.
Excerpt from Who Gets Your IRA? – Six Common Mistakes:
Do you...more