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Five Common Questions for Qualified Plans and IRAs under CARES Act

1. Do I have to take my required minimum distributions (RMD) in 2020? No. Required minimum distribution rules do not apply for 2020 for IRAs, Roth IRAs, qualified defined contribution plans, 403(b) plans and...more

The Federal Generation-Skipping Transfer Tax: the Often Forgotten Transfer Tax

Many people are aware of the federal gift tax and the federal estate tax (sometimes referred to as the ‘death tax’). These are the transfer taxes which are imposed on transfers during life, by gift, or at death. In 2019, a...more

Tax Reform and Estate Planning: How the 2017 Tax Cuts and Jobs Act Impacts Estate Plans for McNair Clients

When the 2017 Tax Cuts and Jobs Act was passed, significant changes were made to the Federal Estate, Gift and Generation-Skipping Transfer Tax, the most prominent of which is the increased applicable exclusion amount, which...more

iTunes, Bitcoin, Dead Man’s Switch – Estate Planning in a Digital Age

In today’s digital age, we are seeing more individuals concerned about what happens to their digital assets at their death. For example, a Broadway aficionado wanting to be certain their collection of show tunes, purchased on...more

Tax Cuts and Jobs Act – 529 Plan Changes for South Carolina

The new federal tax law, known as The Tax Cuts and Jobs Act, that was approved by Congress and signed into law at the end of 2017, creates a benefit for individuals paying tuition for children in private or religious schools...more

Republican Tax Plan Unveiled – Elimination of Death Tax (Estate Tax)

After much discussion, build up and suspense, House Republicans have officially released key details behind their proposed tax bill. The bill would repeal the estate tax (‘death tax’) in 2024. After much back and forth over...more

Projected Estate and Gift Tax Exemptions for 2018 – How Much Can You Transfer?

The Consumer Price Index was released by the Labor Department in August 2017. Not everyone anxiously awaits the release of these numbers but the experts have now made estimates of how they will impact estate, gift, and...more

Estate Planning and Prenuptial Agreements: Tax Implications of Alimony

When contemplating marriage and estate planning, frequently, individuals will enter into prenuptial (premarital) agreements to address their rights and obligations during the marriage and in the event of a divorce or death. A...more

Affordable Care Act’s Link to the Administration’s Plans for Tax Reform

On March 24, 2017 the vote to repeal the Affordable Care Act (‘Obamacare’) was cancelled when it became clear there were not enough Republican votes to move it past the House of Representatives....more

Potential Repeal of the ‘Death’ Tax

Assuming you have not been living under a rock for the last two years you have heard of Donald J. Trump, now President Trump, speak about the need to repeal the so-called “Death tax”. In addition, you are likely aware that...more

2017 – New Year, New Adjusted Lifetime Federal Estate and Gift Tax Exempt Amount

The annual federal exemption amount for the estate and gift tax has been adjusted to $5,490,000.00 per individual for 2017. This means a married couple will have a combined $10,980,000.00 in 2017. The $5,490,000.00...more

Holding Assets in Trust for the Next Generation

Over the past few years, we have seen a dramatic increase in the number of clients interested in holding assets in trust for their children. This is a trend we are noticing across the board, regardless of the size of the...more

Party Over, Oops Out of Time…The Perils of Dying Intestate

I was very saddened to hear of the passing of recording artist Prince on April 21, 2016. As I watched my social media accounts surge with tributes and song lyrics, I allowed myself to reminisce and feel nostalgic about the...more

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