Did anyone tell you it was National Estate Planning Week? We were not aware. No one sent us a greeting card to remind us....more
As many in the country mourn the loss of Aretha Franklin, some of us are a bit surprised to discover the Queen of Soul passed intestate, without a will or estate plan....more
This week was supposed to be the week Republicans passed a tax bill. It’s unclear what exactly will happen in the immediate future, or if we’ll have to wait for the New Year to see any type of tax reform. If or when we do get...more
12/1/2017
/ Alternative Minimum Tax ,
Charitable Donations ,
Child Tax Credit ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Local Taxes ,
Pass-Through Entities ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more
12/1/2016
/ Alternative Minimum Tax ,
Business Plans ,
Capital Gains ,
Charitable Donations ,
Death Tax ,
Estate Planning ,
Estate Tax ,
Income Taxes ,
Mortgage Interest ,
Net Investment Income ,
Repeal ,
Selling a Business ,
Standard Tax Deduction ,
Succession Planning ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The Department of the Treasury wants to place limitations on valuation discounts that are currently commonly used to reduce asset values in family-owned and closely-held businesses, in an effort to increase tax revenue. The...more
8/15/2016
/ Business Ownership ,
Business Plans ,
Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Succession Planning ,
Transfer of Assets ,
U.S. Treasury
It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K.
In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more
11/3/2015
/ Consumer Price Index ,
Estate Tax ,
Estate-Tax Exemption ,
Exemptions ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
GST ,
Inflation Adjustments ,
IRS ,
Spouses ,
Tax Code ,
Tax Exemptions ,
Tax Planning ,
Unified Credit Portability
Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more