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. Donor Advised Funds: IRS Issues New Ruling … [Read more...] about Donor Advised Funds: IRS Issues New Ruling
Basics of Estate Planning: Powers of Appointment – Part 2
Trusts can be very flexible instruments. One of the ways to add flexibility is by using powers of appointment. This article will examine the different types of powers of appointment and how that can impact taxation.Basics of Estate Planning: Powers of Appointment – Part 2 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2
Woburn Trust Attorneys Explain the Grantor Retained Income Trust (GRIT)
One of the most important components of an estate plan for anyone with a moderate to large estate is tax avoidance. All estates are subject to federal gift and estate taxation upon the death of the estate owner. Upon your death, your estate will pass through the legal process known as probate. During the probate process, your estate assets will be inventoried and valued. If the value of your probate assets exceeds the current lifetime exemption amount, those remaining assets will be taxed at the … [Read more...] about Woburn Trust Attorneys Explain the Grantor Retained Income Trust (GRIT)
No Charitable Deduction in 2018?
The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the … [Read more...] about No Charitable Deduction in 2018?
A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...] about A Special Option for Special Kids
Would You Prefer a Charitable Deduction This Year?
Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. Would You Prefer a Charitable Deduction This Year? … [Read more...] about Would You Prefer a Charitable Deduction This Year?
New Year’s Greetings
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. New Year’s Greetings … [Read more...] about New Year’s Greetings
How Tax Reform Could Impact Various Families
Learn how the Republican blueprint for tax reform would impact different families from an estate planning perspective. Read on to learn more. … [Read more...] about How Tax Reform Could Impact Various Families
Tax Reform and the Estate Tax
There’s a Republican blueprint for tax reform. Learn the general provisions of the plan and the uncertainties in it. Read on to learn more. … [Read more...] about Tax Reform and the Estate Tax
Basics of Estate Planning: Portability vs. Credit Shelter Trust
Portability can work well in some situations. But, there are many reasons setting up a credit shelter trust instead might be better in some situations. This article examines several reasons a credit shelter trust may result in a better outcome for the client. Read on to learn more. … [Read more...] about Basics of Estate Planning: Portability vs. Credit Shelter Trust
