Category: Tax Planning
It’s easy to put off starting an estate plan. However, you really do want to take care of your family. Why should you have an estate plan? There are many reasons and many goals, including providing for your spouse and children, as well as dealing with a family business, minimizing tax liabilities and naming the […]
Retirees may find themselves facing a major federal tax increase fueled by tax-deferred accounts. There are many financial strategies occurring as you save toward your retirement, including maximized annual contributions and compounding interest. This can cause a tremendous tax bite, unless you are careful, according to the Citizen Times in its article “Try this strategy […]
If you do not have children or a spouse to include in an estate plan, the first thought may be family and friends. That is probably a good place to start. If you do not have any children or a spouse, there are many options available for creating an estate plan that benefits others, according […]
There are many reasons to look at your old estate plan. What should not be forgotten is that everyone needs a will. There are many reasons to revisit your estate plan that don’t include the new tax laws that doubled the individual estate gift and GST tax exemptions to about $11.2 million per person (and […]
There are many things to think about when estate planning. However, among the most crucial is to take potential family conflicts into consideration. A group of professionals including estate planning attorneys, trust officers, accountants, charitable giving professionals, insurance advisors, elder law attorneys and nonprofit advisors recently attended a conference on estate planning and a survey […]
What is best for your estate plan under the current political climate? A good estate plan does not work in a vacuum, but avoids generalizations about tax laws and creates a unique plan that will work for your family. The recently passed tax law creates a challenge, according to Financial Planning in “Avoid ‘dangerous’ planning […]
Did you know that the new Tax Bill proposed by the Republicans threatens the financial independence of Seniors and the Disabled? Read how in this Money Magazine article featuring Elder Law and Estate Planning Attorney Michael J. Amoruso! http://time.com/money/5009453/an-important-tax-deduction-for-seniors-and-their-families-is-on-the-chopping-block/
Considerable assets found hidden in New Zealand. Many foreign trusts have failed to register under the new trust laws of New Zealand and may have fled the country, according to the Wills, Trusts & Estates Prof Blog in “Trust the Kiwis.” New Zealand has had lax laws and allowed foreigners to have tax-free trusts with […]
The state was attempting to collect tax without consideration for residency. A tax court has decided that Minnesota’s trust taxation is unconstitutional, according to the Wills, Trusts & Estates Prof Blog in “Tax Refunds for Trusts With Minnesota Grantors? Minnesota Income Tax Statute Ruled Unconstitutional.” Minnesota’s income tax statute makes 100% of a trust’s assets […]
A trust is where you place your big assets and that often includes your home. A question people often ask in estate planning is what goes into a trust and should your home be in it, according to a FOX News discussion “Why Should I Put My Home in a Living Trust?“. To understand the […]
