INDIVIDUAL PLANNING

Potential Proposals on the Horizon: It’s Time to Prepare Your Estate Plan

In 2021, a variety of significant tax proposals have been introduced that have the potential to cause tremendous bearing on individual estate plans. For individuals with irrevocable trusts, these proposals create potential unintended income tax consequences depending on the circumstances. There are currently three primary proposals, one by President Joe Biden, one by Senator Chris [...]

2021-07-29T15:23:21-05:00July 29th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

The Basics of Grantor Retained Annuity Trusts

Estate plans are crafted to address the needs of each individual, which means that no two plans are alike. But there is a reason so many estate plans use trusts. Trusts can help protect your assets, reduce or eliminate gift and estate taxes, and ensure a smooth transfer of wealth to the next generation. And [...]

2021-06-21T09:45:56-05:00June 21st, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

What Role Does Life Insurance Play in Estate Planning?

Estate planning is ever evolving. Many of the worries that plagued us in the past may not seem as important now, and new concerns may have cropped up that we could not have anticipated 10 or 20 years ago. But this doesn’t mean you should trash your existing estate plan; it simply means you should [...]

2021-06-21T09:45:06-05:00June 17th, 2021|INDIVIDUAL PLANNING, INSURANCE|

Disasters Never Rest, So Take Time Now to Protect Key Documents and Plan for Recovery

Weather-related disasters can strike without warning and destroy businesses, homes, and critical personal documents and financial records. If you don’t have one already, now is the time to create an emergency preparedness plan. If you do have one, it’s a good time to review it. Keep key documents safe Place original documents (such as tax [...]

The Basics of Spousal Lifetime Access Trusts

All types of individuals can benefit from building an estate plan. Not only can a well-crafted plan ensure your wealth gets transferred to your heirs in a tax-advantaged manner, it can help you plan for probate and can even help protect your assets while you’re still living. Trusts are tools commonly used in estate planning [...]

2021-05-20T14:42:57-05:00May 20th, 2021|INDIVIDUAL PLANNING|

Tax Strategies for Special Needs Families

If you are caring for a loved one with special needs, you know the costs can be significant. Fortunately, there are important tax opportunities available to you that will help ease the cost associated with extra care. Let’s explore these tax-saving vehicles, credits, and deductions. ABLE Accounts Families should consider investing in an ABLE account, [...]

2021-07-06T15:24:27-05:00April 5th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

The IRA: A Solid Estate Planning Tool in Times of Uncertainty

As the new administration eyes policy changes, taxpayers are scrambling to divine the potential estate tax implications. The unified exemption is at a historically high level, currently over $22 million for married taxpayers filing jointly, with a planned sunset in 2026. The Biden administration has proposed reducing the exemption to $3.5 million. Will it stay [...]

2021-02-24T15:52:35-06:00February 24th, 2021|INDIVIDUAL PLANNING|

Making Intrafamily Loans with Intentionally Defective Grantor Trusts

Interest rates are at historic lows right now, making it a great time for intrafamily loans. By making a loan to an intentionally defective grantor trust (IDGT), families with substantial means can move highly appreciable assets outside of their gross taxable estate while making a tax-free gift to one or more family members. The word [...]

2021-02-24T13:38:43-06:00February 24th, 2021|INDIVIDUAL PLANNING|

Considering a Conversion from Traditional IRA to Roth? Think Twice.

The COVID-19 pandemic has certainly caused havoc in global markets and the U.S. economy throughout 2020. Along with the continued impact of the pandemic, the changing economic policies of a new presidential administration have added more uncertainty to the mix. It’s always important to stay on top of your financial status, but economic “crossroads” moments [...]

2021-06-18T10:29:54-05:00February 24th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Lending Money to Family? Be Sure to Stay on the Right Side of the IRS

In times of need, family steps up. It’s just what you do. But beware: While loaning money to family might seem like a good idea, if not properly executed, an intrafamily loan can lead to unexpected taxable income, gift tax, or both. Here are five tips to help avoid any unwelcome tax surprises: Document everything. [...]

2021-01-07T12:09:35-06:00January 7th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Easy Estate Planning Tips

2020 is a year we will all remember. While we focus on COVID-19 cures and the upcoming holidays, there are a few tried and true estate planning techniques that are easy to implement and can have a substantial economic impact over the long term for you and your family. The Annual Exclusion Never underestimate the [...]

2020-11-19T09:42:04-06:00October 30th, 2020|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

How Does Year-End Tax Planning Look Different for 2020?

Will year-end tax plans look different this year? Absolutely. “The future is uncertain” maxim holds true every election year, but the coronavirus has amplified the uncertainties inherent in this year’s election. Regardless of who controls the White House and Congress, we cannot avoid change; in the months that follow, government leaders will need to determine [...]

5 Savvy Black Friday Weekend Shopping Tips to Put In Your Bag

Last year’s Black Friday weekend estimated that more than 93 million people performed their holiday shopping online, once again setting a record high according to the Adobe Analytics "2019 Holiday Shopping Trends" report. While many physical locations are still open for business, the COVID-19 pandemic has arranged online shopping to obliterate previous records. If you plan [...]

2020-10-27T13:22:51-05:00October 26th, 2020|CONSUMER PRODUCTS, INDIVIDUAL PLANNING|

Kiddie Tax Rules on the Move Again

The Tax for Certain Children Who Have Unearned Income, informally known as the Kiddie Tax, has been a hot topic in legislative circles these days. Congress altered the Kiddie Tax rules when they enacted the Tax Cuts and Jobs Act (TCJA) at the end of 2017 but reversed those changes when they passed the Setting [...]

2020-08-24T14:25:54-05:00August 24th, 2020|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

IRS Provides Coronavirus-Related Relief for Qualified Opportunity Funds, Investors

The IRS has provided new relief for qualified opportunity zone (QOZ) investors and qualified opportunity funds (QOFs) in response to the ongoing COVID-19 pandemic. 180-Day Investment Window Opens Wider On April 9, 2020, the Department of the Treasury and the IRS provided relief to taxpayers affected by the COVID-19 emergency by postponing due dates with [...]

Tax Concerns for Self-Employed Individuals

Today’s workforce is structured differently than it was 10 or 20 years ago. The gig economy began to take hold in the early 2000s, and today, almost a third of working Americans are self-employed or work for the self-employed. Self-employment can be a great opportunity for workers who want to chart their own path, ditch [...]

COVID-19 Impacts: Mid-Year Changes to Health Coverage and Dependent Care FSAs

On May 12, 2020, the IRS issued a notice permitting employers to allow the increased flexibility to make mid-year changes to their employer-sponsored health coverage, flexible spending accounts (FSAs), and dependent care assistance programs. Due to the impacts of the novel coronavirus, workers' needs and access to health care and childcare have vastly changed, thus [...]

COVID-19: CARES Act Retirement Plan Relief Opportunities

The CARES Act, which was signed into law on March 27, 2020, allows a “qualified individual” to take $100,000 in distributions from an IRA, 401k, or other qualified retirement plan during 2020 and reap the following benefits: You will not have to pay the 10% early distribution penalty if you are under the age of [...]

IRS Expands Tax Deadline Deferrals to Cover Individuals, Trusts, Estates, Corporations, and Other Non-Corporate Tax Filers

To further aid taxpayers affected by the COVID-19 outbreak, the U.S. Department of Treasury and the IRS have elected to extend further critical tax deadlines affecting individuals and businesses. This notice expands the relief announced in March that allows most taxpayers until July 15, 2020, to file and pay federal income taxes that were originally [...]

2020-04-10T15:32:56-05:00April 10th, 2020|BUSINESS TAX, COVID-19, INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

Individual taxpayers are able to defer paying up to $1 million of federal income and self-employment taxes for 90 days without penalties or interest. The $1 million cap is per tax return regardless of the filing status (single filer or a married couple) of the return. Corporations can defer paying up to $10 million of [...]