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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Deferral of Estate Taxes for Small Business

Estate tax relief for family businesses is available … in the form of a deferral If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs … Continued

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Using Inherited IRA’s

Inherited IRA: Stretching the power of an IRA Most people are aware of the value of IRA’s as a retirement asset. Traditional IRA accounts accumulate interest and income on a tax-deferred basis while Roth IRA’s compound tax-free. Each help to build retirement wealth. For those that may not use their IRA for retirement, it can … Continued

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Electing to Minimize Your Tax Burden

IRS simplifies procedure for obtaining extension to make portability election Last month, the IRS issued a Revenue Procedure that allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that permits a surviving spouse to take advantage of the deceased spouse’s unused combined gift … Continued

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Estate Plans in Kansas City – Valuing Your Estate

Asset valuations and your estate plan go hand in hand If your estate plan calls for making noncash gifts in trust or outright to beneficiaries, you need to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, … Continued

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