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Succession Planning Articles

 

Individuals: 2024 Inflation-Adjusted Tax Amounts

Individuals: 2024 Inflation-Adjusted Tax Amounts

Posted by Amanda Mooney on November 21, 2023

The IRS has announced inflation-adjusted federal tax amounts for individuals.

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C Corporation Compensation vs. Dividends

C Corporation Compensation vs. Dividends

Posted by Cheryl A. Jankowski on April 27, 2023

For business owners, there are the tax advantages to taking compensation rather than dividends but you need to prove the compensation is reasonable.

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Beyond Accounting and Tax Services for Family-Owned Businesses… What Family-Owned Business Really Need

Beyond Accounting and Tax Services for Family-Owned Businesses… What Family-Owned Business Really Need

Posted by Cheryl A. Jankowski on April 17, 2023

Succession and tax planning are essential for family-owned businesses to successfully transition their businesses to the next generation. We took part in a family business panel that shares strategies for success including managing expectation of the transition of power between the generations.

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Assets of Irrevocable Grantor Trust Denied by the IRS

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.

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The Risks of Moving a Trust to Another State Jurisdiction?

The Risks of Moving a Trust to Another State Jurisdiction?

Posted by Robert Ingrasci on April 12, 2023

The variables are many when determining whether you can move your trust to another state.

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Use an Estate Planning Letter to Map Out Final Wishes

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.

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Considerations When Selling A Manufacturing Business

Considerations When Selling A Manufacturing Business

Posted by Jonathan Roller on August 23, 2022

There are many tax-related variables when it comes to selling your manufacturing company. Read more about them.

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Marry Your Estate and Succession Plans

Marry Your Estate and Succession Plans

Posted by Cheryl A. Jankowski on June 03, 2022

Transferring a family business to the next generation requires a delicate balancing act.

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Year-End Gifting Strategies for 2021

Year-End Gifting Strategies for 2021

Posted by D’Marie Murray on November 11, 2021

Feeling generous this year? Here are the basic rules for charitable contributions and gifts to loved ones.

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Beware of the “Reciprocal Trust” Doctrine

Beware of the “Reciprocal Trust” Doctrine

Posted by D’Marie Murray on May 13, 2021

Having spouses’ trusts that are too similar isn’t simpatico with the IRS and may trigger unintended tax consequences.

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