Many of us consider our pets an important part of our family and worry about their care and well-being when we are no longer able to make decisions about their care.
As animal lovers ourselves, we have worked with many...more
As young family members head off to school or leave home for a job, parents and other relatives may wonder how they can continue to support a child or assist with health care or other decisions. Many parents are surprised...more
Many clients, as well as their advisors, are unaware of how the Washington and Oregon estate tax systems work with respect to real and tangible personal property owned in these states by people domiciled elsewhere. In both...more
The SECURE 2.0 Act was signed into law in late December 2022. While the legislation contains a number of provisions, this alert focuses on the changes most relevant to individuals in their personal planning....more
1/18/2023
/ 401k ,
Compensation & Benefits ,
Employee Benefits ,
Estate Planning ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
As we head into the last quarter of the year, many clients are thinking about making gifts to their family members. It can also be a good time to plan to make gifts in January of next year....more
10/6/2022
/ Beneficiaries ,
Dependents ,
Estate Planning ,
Estate Tax ,
Family Members ,
Gift Tax ,
Gift-Tax Exemption ,
Inflation Adjustments ,
IRS ,
Tax Planning ,
Wealth Management
Each year, the IRS considers inflationary adjustments to the estate and gift tax exemption amount and gift tax annual exclusion amount. As you consider estate planning or making gifts during the new year, here are the numbers...more
Democrats recently unveiled the Build Back Better Act, which, if passed, would bring significant changes to the Tax Code and would have a drastic impact on common estate planning techniques, including gifts to trusts. The...more
Based on the tax plan proposed by President-elect Biden, the federal estate and gift tax (and generation-skipping transfer tax) exemption might be reduced from its current amount of $11.58 million to a level that predates the...more
Californians have voted to implement Proposition 19, a ballot measure that significantly narrows the parent-child property tax exemption allowing transfers of real property between parents and children without a reassessment...more
The upcoming November election could bring significant changes in tax laws impacting estate and wealth-transfer planning for our clients. Don’t wait until after the election to consider making important decisions—by that...more
The federal gift, estate and generation-skipping transfer (GST) tax exemptions are at an all-time high—currently $11.58 million for individuals and $23.16 million for married couples—but may not remain so for long. Some...more
In March, we sent out an alert about the “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act. Under the CARES Act, for 2020 only, you are exempt from taking the required minimum distribution (RMD) from your 401(k),...more
As young family members head off to school or for new jobs, and especially in this time of uncertainty, parents may wonder if they may suddenly be needed to assist with health care or other decisions for their child. Many...more
Many clients are asking about how to plan in light of possible changes to the federal estate tax law. In response to current events and the impact on state and federal budgets, it is very possible that the federal estate tax...more
The IRS has issued a low deemed interest rate for intra-family transactions. For May they are assuming an unprecedented .8 percent rate of interest for these transactions, which may include family loans, grantor-retained...more
The Coronavirus Aid, Relief, and Economic Security Act (the ‘‘CARES Act’’) was passed into law March 27, 2020. The CARES Act provides a temporary waiver of required minimum distribution (“RMD”) rules for certain retirement...more
Tax filing deadline. The Internal Revenue Service has issued Notice 2020-18 extending both the federal income tax filing and payment due dates for 2019 income tax returns from April 15, 2020 to July 15, 2020. These extensions...more
The Tax Cuts and Jobs Act of 2018 went into effect on January 1, 2018. The new law makes some changes to key estate planning-related provisions. Except as otherwise noted, these changes are effective now and will sunset at...more