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Home / Archives for income tax

State Income Taxation of Social Security Benefits

April 19, 2022 by Brandon McGee

The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...] about State Income Taxation of Social Security Benefits

Filed Under: Estate Planning, Legal Education Tagged With: estate planning, income tax, Social Security benefits, state and local tax

How Estate Planning for a Family May Trap the Unwary Practitioner

April 12, 2022 by Brandon McGee

Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued. Read on to learn more. … [Read more...] about How Estate Planning for a Family May Trap the Unwary Practitioner

Filed Under: Estate Planning, Legal Education, tax Tagged With: attorney, consumer, estate tax, income tax, lawsuit, limited liability company, malpractice, partnership, sale to intentionally defective grantor trust

It’s Better to Give Than to Receive

March 8, 2022 by Brandon McGee

Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions.  However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...] about It’s Better to Give Than to Receive

Filed Under: Estate Planning, Legal Education Tagged With: attorney, charitable deduction, charitable giving, consumer, Coronavirus Aid Relief and Economic Security Act, estate planning attorney, gift, income tax, Taxpayer Certainty Disaster Relief Act of 2020

Neither Age Nor Health Determines Whether You Need an Estate Plan

February 1, 2022 by Brandon McGee

Most people associate Estate Planning with the elderly or very wealthy. This article explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan

Filed Under: Estate Planning, income tax, Legal Education Tagged With: athletes, attorney, competition, consumer, estate planning, income tax, medals, Olympics, United States Olympic & Paralympic Committee, victory tax

Kiddie Tax is Worse Than Ever

June 3, 2020 by Brandon McGee

The Kiddie Tax can apply to the unearned income of children. Read on to learn if this tax applies to you or your children. Also, learn ways to avoid the Kiddie Tax. Kiddie Tax is Worse Than Ever … [Read more...] about Kiddie Tax is Worse Than Ever

Filed Under: Estate Planning, Legal Education Tagged With: beneficiaries, income tax, Kiddie Tax, trusts

Estate Planning: It’s Not Just About the Estate Taxes

August 2, 2018 by Brandon McGee

The recent tax law temporarily doubled the estate tax exemption. That doesn’t mean there’s no need for estate planning. Estate plans consider many important aspects, not just estate taxes. This article examines some of the many considerations besides estate taxes. Estate Planning: It’s Not Just About the Estate Taxes … [Read more...] about Estate Planning: It’s Not Just About the Estate Taxes

Filed Under: Estate Planning, Legal Education Tagged With: beneficiary, beneficiary designation, estate planning, estate tax, income tax, trust

Income Tax Basis in Estate Planning – Part 2

April 2, 2018 by Brandon McGee

When choosing the direction to take in estate planning, it’s important to consider the impact of the proposed estate plan on income tax basis. Basis is often overlooked when estate planning strategies are considered. This article examines how common estate planning strategies impact income tax basis. Income Tax Basis in Estate Planning – Part 2 … [Read more...] about Income Tax Basis in Estate Planning – Part 2

Filed Under: Estate Planning, Legal Education Tagged With: basis, depreciation, estate planning, income tax, step-up

Treasury Releases New Inflation Adjustment

April 2, 2018 by Brandon McGee

The new tax law doubled the estate tax exclusion through 2025. This article looks at the exact amount of the new exclusion (it’s not what you thought) and how it might be useful. The article also examines why there’s no reason not to take advantage of the newly-doubled exclusion. Treasury Releases New Inflation Adjustment … [Read more...] about Treasury Releases New Inflation Adjustment

Filed Under: Estate Planning, Legal Education Tagged With: adjustment, estate planning, estate tax, exclusion, gift tax, income tax, inflation

Basis is Important in Estate Planning

April 2, 2018 by Brandon McGee

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 … [Read more...] about Basis is Important in Estate Planning

Filed Under: Estate Planning, Legal Education Tagged With: basis, depreciation, estate planning, income tax, step-up

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Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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