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
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
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
10/5/2018
/ 529 Plans ,
Asset Management ,
Beneficiary Designations ,
Charitable Deductions ,
Charitable Donations ,
Estate Planning ,
Estate Tax ,
Exclusions ,
Federal Taxes ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
IRS ,
Minor Children ,
Standard Deduction ,
Statements of Net Worth ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Trusts
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
8/30/2018
/ Beneficiary Designations ,
Bitcoin ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Digital Media ,
Estate Planning ,
Inheritance ,
iTunes ,
License Agreements ,
Tangible Property ,
Virtual Currency ,
Wills
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
1/30/2018
/ 529 Plans ,
Deadlines ,
Education Expenses ,
Gift-Tax Exemption ,
Income Taxes ,
Private Schools ,
Religious Schools ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Tax Returns ,
Trump Administration ,
Tuition
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
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
9/22/2017
/ Asset Management ,
Consumer Price Index ,
Death Tax ,
Deceased Spousal Unused Exclusion ,
Estate Planning ,
Estate-Tax Exemption ,
Exclusions ,
Generation-Skipping Transfer ,
Gift-Tax Exemption ,
IRS ,
Surviving Spouse ,
Tax Exemptions ,
Tax-Free Transfers ,
Transfer Taxes ,
Trump Administration
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
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
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
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
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
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