IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read this article to find out more.Basics of Estate Planning: IRAs … [Read more...] about Basics of Estate Planning: IRAs
Donor Advised Funds: IRS Issues New Ruling
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
Why Nursing Home Planning Is So Important
Few people look forward to growing old. Fewer still enjoy planning for the physical, mental, and practical consequences of the natural aging process. Failing to plan for your own aging process, however, could result in additional unwanted consequences. One aspect of your retirement years that should be included in your overall estate plan is nursing home planning. Like most people, you are likely hoping that a nursing home will not be necessary; however, there is simply no way to know ahead of … [Read more...] about Why Nursing Home Planning Is So Important
Salem Elder Law Attorneys – Will I Develop Alzheimer’s?
Not all that long ago, the average person hoped to make it through their working years alive and get the opportunity to enjoy a few years of “old age.” Today, the life expectancy of the average American is almost double what it was a century ago. Instead of worrying about making it to retirement age, we now worry more about staying healthy and fit enough to enjoy our “Golden Years.” One of the biggest threats to a worry-free retirement is an Alzheimer’s diagnosis. As the older population … [Read more...] about Salem Elder Law Attorneys – Will I Develop Alzheimer’s?
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
