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Family Wealth and Estate Planning Articles

 

Wealth Planning Opportunity | Spousal Limited Access Trust

Wealth Planning Opportunity | Spousal Limited Access Trust

Posted by Cheryl A. Jankowski on May 09, 2019

Tax reform legislation doubled the federal estate, gift, and generation-skipping transfer (GST) tax exemption to $11.18MM (as indexed for inflation) per person. This created a seven-year window for increased wealth transfer planning.

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Estate’s Interest in Split-Dollar Insurance Pact Valued at Cash Value

Estate’s Interest in Split-Dollar Insurance Pact Valued at Cash Value

Posted by William Allen on September 25, 2018

One complex estate tax case involved three separate rulings by the U.S. Tax Court. The case involved three split-dollar insurance agreements within one family. The court determined that the case revolved around a question of value and that the proper valuation of the estate's interest was the cash surrender value of the policies at the date of death.

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A Crucial Estate Planning Step to Take Immediately

A Crucial Estate Planning Step to Take Immediately

Posted by Megan Morris on September 21, 2018

Many people ignore estate planning because the federal rules keep changing and they don't think they have enough assets to be concerned about it, but there's one critical estate planning step you should take right now.

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IRS Clarification: Home Equity Loan Interest May Still Be Deductible

IRS Clarification: Home Equity Loan Interest May Still Be Deductible

Posted by Brian Kern on March 29, 2018

The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans, issued because there were questions and concerns related to tax reform. 

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2017 and 2018 Tax Rate Schedules

2017 and 2018 Tax Rate Schedules

Posted by on March 14, 2018

Comparison table showing Federal Tax Rates for 2017 and 2018.

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New Law Revamps Kiddie Tax

New Law Revamps Kiddie Tax

Posted by Robert Ingrasci on January 31, 2018

The so-called “kiddie tax” was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family's overall tax bill. 

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Brothers Weren’t Qualified Farmers, so Charitable Donation Was Limited

Brothers Weren’t Qualified Farmers, so Charitable Donation Was Limited

Posted by Robert Ingrasci on September 19, 2017

Two brothers who conveyed a conservation easement to a public charity, claimed a 100% deduction for the donation, claiming they were “qualified farmers,” but the U.S. Tax Court disagreed.

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Court Upholds Tax Collection; Statute of Limitations Hadn’t Expired

Court Upholds Tax Collection; Statute of Limitations Hadn’t Expired

Posted by Dale Demyanick on August 15, 2017

A federal appeals court has ruled the government could sue an executrix and her husband to collect unpaid estate taxes, because the 10-year statute of limitations on lawsuits to collect tax deficiencies hadn’t expired. 

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Transfer to Limited Partnership Is Includable in Estate

Transfer to Limited Partnership Is Includable in Estate

Posted by Louis Cercone Jr. on July 26, 2017

Assets transferred to a limited partnership in an effort to remove them from an estate were, in fact, included in the value of that estate, the U.S. Tax Court ruled in one case. The reason: The deceased woman retained her rights related to the assets until her death and the transfer was made less than three years before her death.

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Consider Key Person Insurance as a Succession Plan Safeguard

Consider Key Person Insurance as a Succession Plan Safeguard

Posted by Bryan Staniszewski on May 23, 2017

As you formulate and adjust your succession plan, your insurance policies can serve as a critical safeguard.

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