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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Asset Protection Strategies

Preserve wealth for yourself and your heirs using asset protection strategies There are many techniques you can use to protect your assets, from giving them to loved ones to placing them in offshore trusts. It’s important to understand that asset protection isn’t about evading legitimate debts, hiding assets or defrauding creditors. Rather, it’s about preserving your … 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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Planning for Incapacity

Properly planning for incapacity requires specific estate planning strategies Most estate plans focus on what happens after you die. But without arrangements for what will happen in the event you become mentally incapacitated, your plan is incomplete. If an accident, illness or other circumstances render you unable to make financial or health care decisions — and … Continued

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Questions to Ask When Naming a Trustee

Appointing the right trustee for your living trust provides peace of mind A living trust is a cornerstone of many estate plans. During your life, you can serve as the trustee and manage the assets just as you would if you owned them outright. However, you must choose a trustee to oversee and administer the trust … Continued

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