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Category Archives: Estate Planning
Is blatantly wrong advice impacting your generosity?
I am seeing a consistent theme of blatantly wrong advice coming in the form of commentary on the most recent tax legislation. There is a lot of commentary centering on the Pease Provision which is purported to be a limitation … Continue reading
Posted in Estate Planning, Tax Strategy
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Prenuptial Agreements
Premarital agreements have become very popular. Increasingly clients recognize that every marriage will end. Some end by divorce, others by death. In a sense, everyone has a premarital agreement, just as everyone has a will. Their “will” or “prenup” is … Continue reading
How to verify that a charity is eligible to receive tax-deductible contributions
Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to … Continue reading
2012 TAX POLICIES OF THE MAJOR PRESIDENTIAL CANDIDATES
This special CCH Briefing describes the tax policies of President Barack Obama, the Democratic Party candidate for President, and former Governor Mitt Romney, the Republican Party candidate for President, with analysis of the potential impact of their tax positions both … Continue reading
2012 may be the last year to use tax-free ESA funds for precollege expenses
Coverdell Education Savings Accounts (ESAs), like 529 savings plans, offer a tax-smart way to fund education expenses: Contributions aren’t deductible for federal purposes, but plan assets can grow tax-deferred Distributions used to pay qualified expenses (such as tuition, mandatory fees, … Continue reading
Posted in Business Best Practices, Estate Planning, News & Updates, Resources, Tax Strategy
Tagged 529, books, college, elementary, ESA, private school, secondary school, Tax, tax strategies, tuition
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The car goes where the eyes are
One of the more memorable lines in the book “The Art of Racing in the Rain” by Garth Stein is “The car goes where the eyes go.” In other words, whatever we focus on quickly influences our direction. As … Continue reading
Now’s the time for giving
For 2012, the gift and estate tax exemption is $5.12 million and the maximum gift and estate tax rate is 35%. Absent additional legislation, for 2013 the exemption will drop to $1 million and the top tax rate will increase … Continue reading
Keeping your business in the family
Transitioning a northwest family business from one generation to another presents numerous hurdles a family must overcome. Some closely held business owners have found a Grantor Retained Annuity Trust (GRAT) to be a powerful vehicle. A GRAT can help minimize … Continue reading
Posted in Business Best Practices, Estate Planning, Resources, Tax Strategy
Tagged Annuity, Estate, Gift, Grantor, GRAT, Retained, Section 7520, Tax, Trust
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Does your estate plan account for today’s technology?
If you are like many people today, you conduct a good part of your business and personal lives electronically. These activities generate valuable “digital assets” which may be stored online or a variety of computer and handheld devices. Without addressing … Continue reading
Posted in Estate Planning
Tagged Digital ASsets, Electronic files, estate planning, Technology
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Estate tax uncertainty remains in 2011 and 2012
Take advantage of unprecedented wealth transfer opportunities and build flexibility into your plan “… unless Congress takes additional action …” This phrase likely is familiar to anyone involved with estate planning during the last few years because of the uncertain … Continue reading
