Individual and Family Wealth Articles
Steps to Manage Elderly Parent Needs
Posted by D’Marie Murray on May 30, 2023
Many are faced with the demands of caring of their elderly parents while also caring for their families. Commonly called the Sandwich Generation, follow these steps to manage the needs of your elderly parents.
Important Tax Considerations When Retiring
Posted by Amanda Ornowski on May 19, 2023
If you are retiring in 2023, you may want to review the tax implication of retirement and the impact on your income.
Top Two Tax-Smart Estate Planning Strategies
Posted by D’Marie Murray on May 12, 2023
Estate plan strategies can vary based on individual circumstances, however, these two-tax smart strategies should be include in everyone’s plan.
Assets of Irrevocable Grantor Trust Denied by the IRS
Posted by Cheryl A. Jankowski on April 14, 2023
The Internal Revenue Service (IRS) recently released Rev. Rul. 2023-2, which has significant implications for high-net worth individuals who have created an irrevocable grantor trust. The ruling clarifies that any assets which are not included in the grantor's gross estate, as per the trust's terms, will not receive a basis adjustment under Internal Revenue Code Section 1014.
Retirement Plan Options for Small Businesses
Posted by Thomas Burns on April 13, 2023
If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans.
Individual, Estate and Gift Taxes under the 2024 Federal Budget
Posted by Robert Ingrasci on April 12, 2023
High-net-worth individuals continue to be the focus of many of the administration’s proposals in its fiscal year 2024 budget. The proposals, many of which look similar to prior budget proposals, encompass raising individual tax rates, raising capital gain and qualified dividend rates, taxing exchanges between grantors and grantor trusts, imposing restrictions on grantor retained annuity trusts and taxing dispositions of appreciated property at death.
Financing Long-Term Health Insurance Costs
Posted by Amanda Miner on April 11, 2023
Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. Here are options to help cover long-term care expenses.
Use an Estate Planning Letter to Map Out Final Wishes
Posted by Isabella Newman on April 06, 2023
Do your loved ones a favor by creating a “road map” to your estate plan.
The Complexity of the Generation-Skipping Transfer (GST) Tax
Posted by Cheryl A. Jankowski on March 23, 2023
Passing on generational wealth is a major component of many estate plans but are you subject to GST tax? In this article we uncover the three triggers of GST tax.
A Spendthrift Trust: A Prudent Option
Posted by D’Marie Murray on March 20, 2023
To ensure your inheritance is being managed responsibly, you may want to consider a spendthrift trust.