Family Wealth and Estate Planning Articles
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.
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.
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.
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.
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.
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.
Posted by Cheryl A. Jankowski on February 11, 2020
Birthdays should be celebratory, not stressful, but some ages come with tax and financial consequences that require your attention. From birth to old age, you can't beat Father Time, but you and your loved ones can plan for these milestones.
Posted by D’Marie Murray on January 22, 2020
Since the Tax Cuts and Jobs Act went into effect, owners of sole proprietorships and pass-through entities have been allowed to deduct up to 20% of their qualified business income. However, the benefits associated with Section 199A of the tax code may be reduced or eliminated if an owner's taxable income exceeds certain thresholds.
Posted by Cheryl A. Jankowski on December 17, 2019
Some business owners design their estate plans without consulting a business valuation professional, but do-it-yourself valuations can be risky.
Posted by Cheryl A. Jankowski on November 07, 2019
Do charitable gifts play an important role in your estate plan? If you make or plan to make substantial noncash gifts to charity, you should be aware of how new requirements for appraisals can affect those donations.