Succession Planning Articles
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.
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.
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.
It’s Not an Estate Plan Without a Will
Posted by Robert Ingrasci on October 29, 2019
When you hear “estate planning,” you probably think of trusts and other vehicles for minimizing taxes and passing on more wealth to your heirs. However, a will remains the cornerstone of any estate plan.
Five Mid-Year Tax Planning Strategies for Individuals
Posted by Cheryl A. Jankowski on August 05, 2019
Whether you are looking for ideas to help cut your tax bill for the current year, or you are hoping to minimize future taxes, now is a good time to start thinking about your tax planning strategies.
IRS Approves Spousal IRA Rollover Despite Existence of Trust
Posted by Robert Ingrasci on July 02, 2019
The IRS has privately ruled that a surviving spouse can roll over their deceased spouse's IRA — payable to a trust of which they sole trustee and beneficiary — into their own IRA. Generally, where an IRA beneficiary is a trust, a surviving spouse is barred from treating a decedent's IRA as their own account.
Dynasty Trusts Are More Valuable than Ever
Posted by Cheryl A. Jankowski on June 28, 2019
The Tax Cuts and Jobs Act has brought great changes to estate planning. In doing so, it bolstered the potential value of dynasty trusts. This article explains why these trusts are well worth considering for tax purposes. We'll also look at valid nontax reasons for establishing one.
Beneficiaries Learn a Lesson About Paying Estate Taxes
Posted by D’Marie Murray on June 27, 2019
Beneficiaries of a South Dakota estate failed to make a payment when submitting a federal estate tax return — and again failed to pay when the IRS subsequently notified them of additional assessments. The IRS sued. In U.S. v. Ringling (2017), a district court reviewed the facts and ultimately granted the IRS's summary judgment motion.
When to Update Your Estate Plan
Posted by Cheryl A. Jankowski on June 11, 2019
Estate planning isn't just for the rich and famous. While it's true that the Tax Cuts and Jobs Act (TCJA) provides generous estate tax relief, even for well-to-do families, the need for estate planning has not been eliminated. There are still numerous reasons to develop a comprehensive estate plan and regularly update it.
Tax Issues When Winding Up the Estate of a Loved One
Posted by Robert Ingrasci on June 10, 2019
When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent's financial affairs.