When creating or revising your estate plan, it’s important to take into account all of your loved ones. Because each family has its own unique set of circumstances, there are a variety of trusts and other vehicles available to specifically address most families’ estate planning objectives. Special needs trusts [...]
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing joinly Married filing separately, Head [...]
Not only is April 15 the deadline to file a 2023 income tax return and pay any taxes due, it’s also the deadline to file a gift tax return. If you made substantial gifts of wealth to family members in 2023, you may have to file a gift tax [...]
Creating and adhering to an estate plan is no simple task. Generally, the end goal of estate planning is to divide up and transfer assets to loved ones at minimal or zero tax cost. Of course, a will is a good starting point, but it may be supplemented by [...]
The deadline for making contributions to your 2023 Individual Retirement Account (IRA) is April 15, 2024. Below we have included some important reminders and updates. For 2023 and 2024 the contribution limits are as follows:YearUnder Age 50Age 50 and Older2023$6,500$7,5002024 $7,000$8,000Your IRA contribution is limited to your ‘taxable compensation’ [...]
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What [...]
Do your assets include unregistered securities, such as restricted stocks or interests in hedge funds or private equity funds? If so, it’s important to consider the securities laws that may be involved in various estate planning strategies.Potential estate planning issuesTransfers of unregistered securities, either [...]
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can [...]
A will or revocable trust may form the core of your estate plan, but for many people, a substantial amount of wealth bypasses these traditional estate planning tools and is transferred to their loved ones through beneficiary designations. These “nonprobate assets” may include IRAs and certain employer-sponsored retirement accounts, [...]
Amanda Garner, February 5, 2024 The legislative landscape surrounding retirement plans has undergone a significant transformation with the introduction of the Secure Act 2.0. Nestled within Division T of H.R. 2617, known as the "Consolidated Appropriations Act, 2023," this legislation brings forth substantial changes to tax-favored retirement accounts. This [...]
