News & Analysis as of September 22, 2024

Tax Planning

+ Follow

Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Tax and Estate Planning for Small Business Owners and S Corporations with No Employees

Allen Barron, Inc. on 8/28/2024

Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is simply a myth which does not reflect the nature of business or home ownership....more

Estate Planning Essentials for Health Care Providers: Protecting Legacy and Loved Ones

Stevens & Lee on 3/8/2024

Physicians and healthcare providers, like many others with demanding professions, often postpone or overlook their own estate planning and preparation. Estate planning is a fundamental process for individuals at any stage of...more

Overlooking Foreign Assets Can Be Detrimental to An Estate Plan

Adler Pollock & Sheehan P.C. on 8/25/2023

When working with an estate planning advisor, it’s critical to disclose all your assets. Importantly, any foreign assets you might have must be included. Often, people assume that these assets aren’t relevant to their “U.S.”...more

Once Removed Episode 11: Spousal Lifetime Access Trusts, or SLATs

McGuireWoods LLP on 6/21/2023

Steve Murphy, chair of the private wealth services practice group at McGuireWoods, discusses the Spousal Lifetime Access Trust, also known as the SLAT. Steve explains the rights that your spouse can have in this trust through...more

When to Take Advantage of a Spousal Lifetime Access Trust (SLAT)

Bowditch & Dewey on 11/24/2020

Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more

THE ACCIDENTAL ENTREPRENEUR PART IV

Gerald Nowotny - Law Office of Gerald R.... on 10/22/2020

Structuring the family business. This is a solution for every taxpayer to triple a Roth contribution. #assetprotection #estateplanning #retirementplanning #employeebenefits #entrepreneur #taxplanning...more

THE ACCIDENTAL ENTREPRENEUR PART IV

Gerald Nowotny - Law Office of Gerald R.... on 10/19/2020

Nowotny On Death and Taxes episode #26, The Accidental Entrepreneur Part IV - Creating the Family Pension Plan speaks to a solution for every taxpayer to triple a Roth contribution....more

Take the Proper Steps to Insulate Your Estate from Creditors

Adler Pollock & Sheehan P.C. on 7/27/2020

For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more

Understanding the Differences Between a Living Trust and an Irrevocable Trust

Chambliss, Bahner & Stophel, P.C. on 1/22/2020

You may be thinking about setting up a trust to protect your assets, save on estate taxes, or perhaps set aside money for a special needs family member. Before you commit to a plan, make sure you understand the differences...more

Kiddie Tax Changes May Increase Burden for Families with SNTs

Chambliss, Bahner & Stophel, P.C. on 3/13/2019

Major changes to the “kiddie tax” could significantly increase the tax liability of assets placed in special needs trusts if the trust’s beneficiary is a minor and the income the trust earns is high enough. Congress...more

Estate Planning Newsletter - December 2018

Hinshaw & Culbertson LLP on 12/11/2018

Welcome to the Hinshaw Estate Planning Newsletter, designed to help you stay up to date on current estate planning topics, as well as other relevant legal developments and trends....more

Family Matters: Does Everyone Really Need a Will?

Gray Reed on 10/31/2018

Just before her 80th birthday, Ernest (“Big Daddy”) Bux’s octogenarian Auntie Delusional (Auntie Del) died without a will or any other estate plan in place to give guidance to her husband (Uncle Tom) and their two adult...more

S Corporations - Time To Drop Them!

Levenfeld Pearlstein, LLC on 5/15/2014

Most of us know that S corporations are reasonably tax efficient from an operating standpoint: leaving aside Illinois replacement tax, only one level of tax is paid on company earnings (at the shareholder level). We also know...more

13 Results

View per page

Page: of 1

Estate Planning › Asset Protection › Tax Planning

"My best business intelligence, in one easy email…"