Tax law repeal is likely on the horizon, but the timing and scope are still uncertain. Creating an irrevocable trust to utilize the increased lifetime gift tax exemption amounts may be a wise move, and this article shows you how you can add flexibility to the trust so you can adapt to changes as they are enacted.
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Did you know that the Tax Cuts and Jobs Act of 2017 was one of the most significant tax legislation acts signed into law since the Tax Reform Act of 1986? This timeline illustrating the fluctuations in US estate tax laws is a great tool for understanding how – and why – the law has changed over the past 220 years. Is it time to update your estate plan?
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The SECURE Act changed the rules for distributions from most non-spousal inherited IRAs and eliminated the “stretch IRA” that allowed some beneficiaries to spread distributions out over their lifetimes. This article reviews suggested strategies that owners of large IRAs might use under the SECURE Act to maximize the wealth that can be accumulated from their IRAs for their families, including CRTs, multi-generational accumulation trusts, IRC Section 678 trusts, ING trusts, life insurance and Roth IRA conversions.
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Did you know that depending on where you live, you may be subject to state-level estate or inheritance tax? Read this article to learn six surprising facts about state estate taxes, then let’s talk about how this can impact your financial future.
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Many of the common income tax deductions taxpayers were used to taking have been permanently eliminated, suspended, or limited until 2026, due to the Tax Cuts and Jobs Act of 2017.
These changes, coupled with the increased applicable exclusion amount, have shifted planning strategies from a focus on reducing estate taxes to a focus on reducing income taxes.
Have a look at this article that describes how non-grantor trusts can reduce income tax through enhanced deductions, then let’s explore how this technique can work for you.
Please note, we don’t provide tax or legal advice.
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When considering a charitable bequest, it’s sometimes difficult to make a choice between assets. Which should I leave to the charity and which should I leave to my heirs? In this video, Heather Davis, CVP with The Nautilus Group®, a service of New York Life, explains the tax implications of your choices, and how to make an informed decision that can minimize tax exposure while maximizing your legacy. After you’ve listened to Heather, let’s talk about how we can achieve your charitable goals and your family’s financial strategies.
Much has been written about the CARES Act and its effects on business owners. This article, part 1 of a 2-part overview, looks at the individual tax benefits under the CARES Act, including changes involving tax-advantaged health accounts and charitable deductions, a refundable tax credit, and suspension of required minimum distributions.
There are three types of income buckets – taxable, tax-deferred, and tax-free. What’s in your bucket?
Converting a traditional IRA to a Roth IRA can offer certain economic advantages, depending on a variety of factors. Read this article to learn more about the issues you’ll want to consider if you’re contemplating converting your own traditional IRA.
How can business owners build wealth for their own retirement while trying to reduce their income taxes? Watch this video.
Consolidating retirement accounts is one way to better manage assets and track progress toward retirement goals. Know what issues to evaluate before you get started, to help avoid costly mistakes.