If you’re charitably inclined, age 70½ or older and have a significant balance in an IRA, a charitable IRA rollover — formally called a “qualified charitable distribution” — permits you to annually make up to $100,000 in tax-free IRA distributions to qualified charities. Charitable IRA rollovers also offer estate [...]
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 [...]
When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction: Cash. This includes not just actual cash but gifts made by check, credit card [...]
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 [...]
