A 529 plan is a tax-advantaged and flexible education-savings tool. In addition to generous contribution limits and tax-free withdrawals for college expenses, these plans provide unique estate planning benefits for parents and grandparents. On the plus side . . . First, even though you can change beneficiaries or get [...]
If you’re in a second marriage, or planning another trip down the aisle, estate planning can be complicated, especially if you have children from a previous marriage and your net worth is large enough that estate taxes are a concern. One strategy for meeting this challenge is to set [...]
The R&D tax credit is a federal tax credit and may also entail an additional state benefit depending on which state you live in. This is a dollar for dollar tax credit primarily designed to stimulate research and development activity of US companies. Many of our clients engaging in [...]
If you own a life insurance policy that has built up a sizable cash value, be aware that the death benefit will be included in your taxable estate. Depending on the size of the policy and the applicable estate tax exemption when you die, the tax bill could be [...]
If you suffer damage to your home or personal property, you may be able to deduct these “casualty” losses on your federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster (hurricane, tornado, flood, earthquake, etc.), fire, accident, theft or vandalism. [...]
If you have minor children, perhaps the most important element of your estate plan doesn’t involve your assets. Rather, it involves who will be your children’s guardian. Questions to Consider When evaluating potential guardians, ask these questions: • Do they want to serve as guardians? • Does your estate [...]
It’s tax-filing season, and the April deadline to file a 2015 gift tax return is fast approaching. But do you need to file a return? The rules surrounding gift tax returns can be confusing, so let’s review some general guidelines. A federal gift tax return (Form 709) is required [...]
A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. Insurance companies and financial institutions won’t pay large sums of money directly to a minor. Instead, they’ll require costly court proceedings to appoint a [...]
FrieslandCampina Domo and US-based Glycosyn are combining their expertise into a global partnership to develop new infant nutrition ingredients. The parties signed a technology and partnership agreement. Glycosyn has developed a patented technology for the production of oligosaccharides from lactose. FrieslandCampina Domo will produce and introduce these new ingredients [...]
Today it’s becoming more common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. Eligibility requirements If you’re an employee, your use of your home office must be for your employer’s convenience, not just your own. [...]
