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

READ MORE

Caring for your Parent? Consider these Estate Planning Options.

5 estate planning tips for the sandwich generation The “sandwich generation” accounts for a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. In some cases, this includes providing parents with financial support. As a result, estate planning — which traditionally … Continued

READ MORE

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

READ MORE

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

READ MORE

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

READ MORE

The Digital You

We spend a lot of time in our lives accumulating things. A house, car, antiques, collectibles, books, music, and photos and other family heirlooms. From a transfer perspective, these items are easy to address. Either they go to a person or charity or they are sold and the proceeds are then distributed. What about the … Continued

READ MORE