Tax / Estate & Wealth Planning
Showing 49–64 of 2177 results
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Form over substance – Documenting charitable donations is critical
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 620
Abstract: Taxpayers who itemize deductions are entitled to deduct charitable donations, subject to certain requirements and limitations. One of the requirements is the need to substantiate charitable gifts with documentation that satisfies the tax code and IRS regulations. This is an area where the IRS takes a “form over substance” approach. This article details how to properly substantiate cash and noncash donations.
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Preserve wealth for future generations with a spendthrift trust
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 614
Abstract: For some people, protecting their wealth after it’s been transferred to beneficiaries is just as important as reducing the tax liability on the transfers. Attaching spendthrift language to a trust can provide peace of mind that one’s hard-earned wealth won’t be frivolously spent by heirs or seized by their creditors. This article explains the ins and outs of a spendthrift trust.
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Basis points – How planning can minimize the impact of income taxes
November / December 2023
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 918
Abstract: Until recently, estate planning strategies generally focused on removing as much wealth as possible from one’s estate to avoid the bite of federal estate tax. Although there were income tax advantages to retaining assets in an estate, the estate tax costs usually eclipsed any potential income tax savings. But things have changed: Between 2001 and 2023, the federal gift and estate tax exemption soared from $675,000 to $12.92 million. The highest estate tax rate dropped from 55% to 40%. Today, only the wealthiest of families are exposed to estate tax liability, elevating the importance of income tax planning. This article details the differences between income and estate tax planning. A sidebar explains that, according to an IRS ruling, there’s no stepped-up basis when using an intentionally defective grantor trust.
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Estate Planning Pitfall – You haven’t recently updated your powers of attorney
October / November 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 337
Abstract: Health care and financial powers of attorney are critical components of an effective estate plan. Indeed, while much of a person’s estate plan focuses on actions that take place after death, it’s equally important to have a plan for making critical financial or medical decisions if one is unable to make them for his or herself. This brief article explains why it’s important to frequently update powers of attorney documents.
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The long view of long-term care insurance
October / November 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 596
Abstract: According to the U.S. Department of Health and Human Services, roughly 70% of Americans aged 65 or over will require some form of long-term care. A practical solution to pay for these services is to purchase a long-term care (LTC) insurance policy. With LTC insurance, a person can reduce the possibility that his or her lifetime of savings will be drained by long-term care costs. This article examines what an LTC insurance policy covers and provides three areas to consider before purchasing a policy.
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Planning is essential if you’re inheriting assets
October / November 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 778
Abstract: For those in line to receive a significant inheritance, their feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved ones who have passed. Indeed, a large infusion of cash or assets can be overwhelming. This article explains why it’s important to take time to reflect on the significance of the inheritance on one’s financial situation and to form a plan to address the newfound wealth.
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Should you place your home in a QPRT?
October / November 2023
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 785
Abstract: If a person owns his or her principal residence, it may be more beneficial to transfer ownership of the home to a qualified personal residence trust (QPRT). Using a QPRT, the homeowner can avoid potential estate tax pitfalls without making drastic changes during his or her lifetime. Notably, the homeowner can continue to live in the home for the duration of the trust’s term. When the term ends, the remainder interest passes to designated beneficiaries. This article details the ins and outs of using a QPRT. A brief sidebar explains that using a QPRT may disqualify a person from the home sale exclusion.
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Safeguarding your critical documents
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 228
Abstract: Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents, and even cash, in case of a major disaster.
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Plan ahead for Health Savings Accounts in 2024
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 378
Abstract: The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements, and contribution limits of HSAs for 2023 and 2024.
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Which business website costs are deductible?
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 507
Abstract: Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website.
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An “innocent spouse” may be able to escape tax liability
September 2023
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 547
Abstract: When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can pursue either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. But there may be relief. A brief sidebar addresses what to do about future returns.
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Tax Tips – Watch out for accumulated earnings tax
September / October 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 424
Abstract: These brief tips explain what triggers the accumulated earnings tax for businesses and detail state income tax liability for remote sellers.
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Even single people without children need an estate plan
September / October 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 574
Abstract: Estate planning is important for everyone. This is equally true for single individuals without children. While the law makes certain assumptions involving a married couple regarding financial and medical decisions should one spouse die or become incapacitated, that’s not necessarily the case with a single person. This article explains that without an estate plan, single individuals without children may be at greater risk of undesirable tax consequences.
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Cash vs. accrual – Choosing the right accounting method for business tax purposes
September / October 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 636
Abstract: Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that qualify, though some businesses may be better off using the accrual method. This article details why businesses should evaluate their tax accounting method to ensure that it’s the most advantageous approach.
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Do you have unused funds in your college savings plan? Consider a 529 plan-to-Roth IRA rollover
September / October 2023
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 900
Abstract: Given the exorbitant costs of higher education, many parents begin saving for college when their children are very young. A popular and effective tool for doing so is a 529 plan. What happens when, 15 years into the future, there are unused funds in the account? This article explores the benefits of rolling over a 529 plan to a Roth IRA. A sidebar examines three additional options to redistribute leftover 529 plan funds.
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Bond ladders can help mitigate interest-rate risk
September / October 2023
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 418
Abstract: Bonds can play an important role in an investment portfolio, especially for people near retirement or already retired. Although they may not enjoy the same upside potential as stocks, bonds are somewhat insulated from the stock market’s volatility. This article discusses how bond ladders can reduce interest-rate risk.