A memo prepared by the House Ways and Means Committee outlining the proposed tax law changes has been released. The memo is accompanied by the actual bills submitted to the House. The memo outlines a variety of proposed...more
There is a strong possibility that 2021 will see significant changes to our tax laws. The Biden Administration and various Democratic legislators have proposed a variety of changes to our system of taxation for corporations...more
Unless there are successful challenges by President Trump in several states with respect to vote counts, it appears that Joe Biden has won the 2020 presidential election. The Republican Party picked up seats in the House of...more
The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
9/16/2020
/ Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Inheritance Tax ,
IRS ,
Presidential Elections ,
SLAT ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Tax Rates
At McNees we understand that the last few weeks have been anxious ones as our clients and their loved ones navigate the onset of Coronavirus COVID-19 and volatile financial markets. Our first priority is the health and...more
The current year sees us coming off a good year in the stock market and an economy that is strong. However, in November there is another presidential election cycle, which could bring change to which political party controls...more
3/3/2020
/ Asset Management ,
Beneficiaries ,
Beneficiary Designations ,
Estate Planning ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Trustees
Estate Planning for Real Estate Owners -
Estate planning for valuable, illiquid assets presents a variety of challenges. With respect to real estate, planning challenges can be compounded due to fractional ownership, outside...more
3/27/2019
/ Advance Directives ,
Buy-Sell Agreements ,
Death Tax ,
Debt ,
Estate Planning ,
Income Taxes ,
Living Will ,
Power of Attorney ,
Property Owners ,
Real Estate Development ,
Tax Planning
Now that the mid-term elections have passed, it may be an opportune time for clients to review and possibly update their estate plans. Although the estate plans of most clients will not be affected by the mid-term elections,...more
Modifying Irrevocable Trusts 101 -
As family and financial circumstances change with time, clients often desire to modify the terms of the trusts they have created. Even if a trust is irrevocable, in Pennsylvania there are...more
The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 20, 2017, with an effective date of January 1, 2018. The Act doubled the exemption amounts for taxpayers for estate, gift, and generation skipping transfer...more
The Tax Cut and Jobs Act (the “Act”) was signed into law on December 20, 2017, with an effective date of January 1, 2018. Among other things, the Act favorably amended the federal estate, gift, and generation skipping...more
On November 2, 2017 Representative Kevin Brady, chair of the House Ways and Means Committee, introduced the “Tax Cuts and Jobs Act” (the “Act”). In general, there are a few noteworthy observations regarding the Act. First,...more
Deducting Miscellaneous Itemized Deductions -
You can elect each year to itemize deductions rather than claim the standard deduction. Itemized deductions are those that you claim on Schedule A of Form 1040, Itemized...more
IRS Simplifies Rules for Correcting Late Rollovers -
On August 24, 2016, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2016-47, which greatly simplifies the procedure for correcting late rollover...more
Education Tax Credits -
There are two tax credits available to help you offset the costs of higher education: the American opportunity credit and the lifetime learning credit. Tax credits are more favorable than deductions...more
Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more
Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more
The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning. Recent changes to the...more
Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more
The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession plan. This article will...more
The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more
The transition of a family owned or closely-held business involves a variety of legal and tax issues. This goals of this process, however, should be focused on issues that are just as important – if not more important – than...more
One of the most important factors to consider in any business succession plan is the timing of the transition of ownership. Whether a sale or a gift (or combination of the two), no transition should occur before the next...more
9/30/2015
/ Business Valuations ,
Equity Transactions ,
Family Businesses ,
Grantor Retained Annuity Trusts (GRATs) ,
Income Taxes ,
Installment Agreements ,
Interest Rates ,
Internal Revenue Code (IRC) ,
Leveraged Lending ,
Succession Planning ,
U.S. Treasury
Almost all estate planning clients own real estate in one form or another – a residence, a vacation home, or rental property. Real estate presents unique challenges in estate planning because debt is often associated with the...more
Life insurance can play an important role in estate planning. It is important to understand the uses and purposes of life insurance and the tax consequences of owning a policy and receiving a death benefit....more