Factoring your Home in your Estate Plan

A joint home purchase can ease estate tax liability If you’re planning on buying a home that you one day wish to pass on to your adult children, a joint purchase can reduce estate tax liability, provided the children have sufficient funds to finance their portion of the purchase. With the gift and estate tax … Continued

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How to Reflect Your Charitable Deductions in Your Tax Returns

Follow IRS rules to ensure you receive your charitable tax deductions If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some … Continued

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Using Trusts with Your S Corporation

Only certain trusts can own S corporation stock S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders. In an estate … Continued

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Do You Need to File a Gift Tax Return?

If you made gifts last year, you may (or may not) need to file a gift tax return Gifting assets to loved ones is one of the simplest ways of reducing your taxable estate. However, what may not be as simple is determining whether you need to file a gift tax return (Form 709). With … Continued

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Enhance Your Estate Plan with Life Insurance

Life insurance can be a powerful estate planning tool for nontaxable estates For years, life insurance has played a critical role in estate planning, providing a source of liquidity to pay estate taxes and other expenses. It’s been particularly valuable for business owners, whose families might not have the liquid assets they need to pay … Continued

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Using 529 Plans in your Estate Plan

Tax Cuts and Jobs Act expands appeal of 529 plans in estate planning It’s common for grandparents to want to help ensure their grandchildren will get a high quality education. And, along the same lines, they also want the peace of mind that their wealth will be preserved for their children and grandchildren after they’re gone. … Continued

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How the New Tax Law Impacts You

Tax Cuts and Jobs Act: Key provisions affecting estate planning The Tax Cuts and Jobs Act of 2017 (TCJA) is a sweeping revision of the tax code that alters federal law affecting individuals, businesses and estates. Focusing specifically on estate tax law, the TCJA doesn’t repeal the federal gift and estate tax. It does, however, … Continued

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Charitable Giving – Will Your Charity Accept?

Will your favorite charity accept your donation? If your estate plan includes charitable donations, be sure to discuss any planned gifts with the intended recipients before you finalize your plan. This is particularly important for donations that place restrictions on the charity’s use of the gift, as well as donations of real estate or other … Continued

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How Proposed New Tax Laws May Impact You

Tax reform and estate planning: What’s on the table As Congress and President Trump pursue their stated goal of passing sweeping new tax legislation before the end of the year, many taxpayers are wondering how such legislation will affect them. One area of particular interest is estate planning; specifically, the future of gift, estate and … Continued

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Tax Strategies

Use a Tax Strategy to maximize basis planning even if estate taxes aren’t a threat For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject to … Continued

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