There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s taxable estate...more
On December 29, 2022, the Securing a Strong Retirement Act (commonly referred to as SECURE Act 2.0) was signed into law. This is follow-up legislation to the Setting Every Community Up for Retirement Enhancement Act, which...more
With the popularity of crypto assets on the rise, there are bound to be gift and estate tax questions when a person transfers crypto assets during life or at death. The IRS treats crypto assets as property for federal tax...more
As cryptocurrencies and noncurrency blockchain tokens grow in popularity, it is important to address crypto assets in your estate planning so as to properly disclose and transfer these assets to your heirs. Due to the unique...more
Estate plans are supposed to be living documents that evolve over time. Generally, you should review your plan every 5 years to stay current, or whenever you or your beneficiaries have a major life event such as marriage, the...more
11/1/2021
/ Asset Management ,
Beneficiaries ,
Beneficiary Designations ,
Estate Planning ,
Incapacitated Persons ,
Personal Representatives ,
Successors ,
Trust Distributions ,
Trustees ,
Trusts ,
Wills
In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more
9/29/2021
/ 401k ,
Adjusted Gross Income ,
Beneficiaries ,
Capital Gains ,
Capital Gains Tax ,
Charitable Deductions ,
Charitable Donations ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift Tax ,
Grantor Trusts ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Investors ,
IRS ,
Proposed Legislation ,
Retirement ,
Retirement Funds ,
Roth IRA ,
Tax Deductions ,
Tax Exemptions ,
Tax Legislation ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Trustees ,
Trusts ,
Ways and Means Committee
By using a Charitable Unitrust Remainder Trust (CRUT), philanthropic minded donors can gift to a charitable cause while maintaining a lifetime benefit. A CRUT is an irrevocable agreement that will provide an income stream to...more
8/20/2021
/ Beneficiaries ,
CARES Act ,
Charitable Deductions ,
Charitable Donations ,
Charitable Organizations ,
Charitable Remainder Trust ,
Gifts ,
Income Taxes ,
Tax Deductions ,
Tax Incentives ,
Tax Planning
As the holiday season approaches, people are thinking about giving to charitable organizations. As a donor, you can be both philanthropic and tax-efficient in your charitable giving.
Estate Planning -
One way to give is...more
11/25/2020
/ Beneficiaries ,
Capital Gains Tax ,
Charitable Deductions ,
Charitable Donations ,
Charitable Organizations ,
Charitable Rollover ,
Estate Planning ,
Estate Tax ,
Gifts ,
Income Taxes ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
Required Minimum Distributions ,
Tax Deductions ,
Tax Planning ,
Trusts ,
Wills ,
Year-End Tax Planning
During the COVID-19 pandemic, many people are taking action to make sure that their affairs are in order – reviewing guardian nominations for their minor children, funding their revocable trusts and, in some cases, making...more
There is a common misconception that life insurance benefits are not subject to estate tax. While the proceeds of a life insurance policy are not taxable income to the beneficiaries, they are part of a person’s taxable estate...more
There are special estate tax planning considerations when a non-U.S. citizen spouse is part of the picture. To be clear, a non-U.S. citizen spouse may be living in the U.S. and even hold a green card, but he or she does not...more
6/22/2018
/ Asset Management ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Non-Citizens ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Transfer of Assets ,
Transfer on Death Deed (TOD) ,
Trustees
Estate planning is about formalizing your intentions for what will happen when you pass away. For those in a second marriage with children from a prior relationship, it is even more important to spell out your intentions and...more
Based on changes implemented by the Tax Cuts and Jobs Act, this is an update on a previous post written by Eileen Y. Lee Breger in May 2017, “Families Can Use a Tax-Advantaged ABLE Account to Save for Disability...more
2/16/2018
/ 529 Plans ,
ABLE Act ,
Beneficiaries ,
Contribution Limits ,
Disabilities ,
Retirement Funds ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Incentives ,
Tax Planning ,
Tax Reform ,
Trump Administration ,
Tuition
Governor Charlie Baker recently announced the launch of a state sponsored Achieving a Better Life Experience (ABLE) account program that has been long awaited by disabled individuals and their families. This program serves as...more
On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 introduced new tax law that affects executors who are required to file a federal estate tax return and beneficiaries...more