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Family Wealth and Estate Planning Articles

 

Ten Potential Mistakes to Avoid in Estate Planning

Ten Potential Mistakes to Avoid in Estate Planning

Posted by Robert Ingrasci on September 28, 2020

Sometimes people attempt to make an estate plan without consulting legal and financial professionals, but everyone is different and a boilerplate form isn't sufficient. Here is a list of 10 potential mistakes in estate planning that you can help avoid with professional counseling.

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A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth

A SLAT Can Reduce Risk If You’re Giving Away Substantial Wealth

Posted by Cheryl A. Jankowski on August 10, 2020

Today's increased gift and estate tax exemptions enable wealthy families to give away substantial wealth gift-tax-free, but they must act before the exemption amounts revert in 2026 to previous levels. 

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How to Avoid Penalties on Early Retirement Account Withdrawals

How to Avoid Penalties on Early Retirement Account Withdrawals

Posted by D’Marie Murray on August 10, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences.

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Collect Art? Make Sure Your Estate Plan Addresses It

Collect Art? Make Sure Your Estate Plan Addresses It

Posted by Robert Ingrasci on July 16, 2020

For art collectors, it's critical that their estate plans address their collections separately from other types of assets. That's because there are special appraisal and documentation rules for art. Collectors also need to decide whether they want to sell, bequest or donate their collection. Donating can be an effective way to reduce capital gains and estate taxes.

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Make a Lasting Charitable Gift with a CRT

Make a Lasting Charitable Gift with a CRT

Posted by Cheryl A. Jankowski on May 05, 2020

The COVID-19 pandemic may have you thinking about how you can help those whose health and financial security has been imperiled by the virus. With a charitable remainder trust (CRT) you may be able to support a favorite nonprofit and also enjoy lifetime income and current tax benefits. Learn more about how CRT might fit into your estate plan.

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Expands COVID-19 Postponement Relief Under Notice 2020-23

Expands COVID-19 Postponement Relief Under Notice 2020-23

Posted by Robert Ingrasci on April 14, 2020

On April 9, 2020, the IRS issued Notice 2020-23, which contains expanded relief for those tax forms and other filings that are postponed as was originally announced last month. 

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IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

Posted by Cheryl A. Jankowski on April 01, 2020

On March 24, 2020, the IRS posted frequently asked questions to provide additional clarification and guidance regarding the application of its relief guidance. Here is a summary of those FAQs.

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Federal Tax Relief to Alleviate COVID-19 Hardships

Federal Tax Relief to Alleviate COVID-19 Hardships

Posted by Michē Needham on March 23, 2020

The federal government has been working on various relief measures to help individuals and small businesses cope with the situation, including tax relief provisions. Here are the tax changes that have been finalized so far.

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Explore Estate Planning Alternatives to Stretch IRAs

Explore Estate Planning Alternatives to Stretch IRAs

Posted by D’Marie Murray on March 09, 2020

Recent changes to the tax law have diminished the tax-saving potency of stretch-IRAs, but there are still other tax-smart ways to transfer wealth to your loved ones.

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Decanting May Allow Trustees to Fix a Damaged Trust

Decanting May Allow Trustees to Fix a Damaged Trust

Posted by Robert Ingrasci on February 28, 2020

Through a process known as decanting, many irrevocable trusts that have become ineffective or obsolete due to changing tax laws or family circumstances may be “fixed.” However, a trust's terms and state laws determine the degree to which a trustee can alter the original trust document.

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