Blog

Basis is Important in Estate Planning

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When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death. Upcoming articles will examine how common estate planning strategies impact income tax basis.

Basis is Important in Estate Planning

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Estate Planning: Simple is not Always Better

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Clients often want the simplest estate planning solution possible. While keeping it simple is an understandable goal, the simplest solutions are not often the best. This article shows a couple simple solutions for estate planning and why, in most circumstances, a living trust is at the center of a more robust estate plan and more likely to provide the desired protections.

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Retirement is Complicated

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Many factors go into retirement decisions. This article examines many of those factors, such as where to retire, access to healthcare, income taxation, estate taxation, property taxation, etc. This article includes many links to helpful lists.

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Age-Related Retirement Milestones

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Retirement takes planning. This article includes milestone ages, such as when you must begin taking distributions from retirement plans. The article also includes links to resources which will be helpful in your retirement planning process.

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Planning for Retirement Plans and IRAs: Asset Protection

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Perhaps the largest part of most Americans’ wealth is in their qualified plan or IRA. Planning for these assets is one of the most important parts of the estate plan, for many reasons. This article will discuss the asset protection of such plans and how a trust may be used to provide asset protection.

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New Tax Law May Affect State Income Tax, Too!

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The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why.

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Donor Advised Funds: IRS Issues New Ruling

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A new ruling addresses whether a donor advised fund may satisfy charitable pledges by the donor/advisor. It now may do so, as long as certain requirements are met. Read the article to learn more about how donor advised funds are a great tool for charitable giving.

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New Year’s Greetings

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Congress passed a new tax law just before leaving for the holidays. The new law temporarily doubles the estate, gift, and GST exemption. The law increases the standard deduction and limits deductions for state and local taxes. Read the article to find out more about the new law and how it will impact you.

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