Estate & Trust

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The Estate Tax Lives On

By | 2018-03-08T22:01:30+00:00 March 10th, 2018|Estate & Trust, Individual Tax, News & Events|

Reports of the death of the federal estate tax are premature. Significantly, the TCJA retains the federal estate- and gift-tax systems but doubles the federal estate tax exemption to $11.2 million for 2018. (The $5 million exemption was scheduled to be indexed to $5.6 million in 2018.) This increase will vanish after 2025. As a [...]

2018 Gift Tax Exclusions

By | 2018-02-19T17:36:59+00:00 February 5th, 2018|Estate & Trust, News & Events|

As expected, the IRS announced that the annual gift tax exclusion is finally going up in 2018, to $15,000. The annual exclusion, which is increased only in increments of $1,000, had been set at $14,000 per recipient for the past five tax years (2013-2017). Thus, if you have five grandchildren, you can now give [...]

Ten Moves Forward for a Second Marriage

By | 2017-05-25T20:36:08+00:00 May 30th, 2017|Estate & Trust, Individual Tax, News & Events, Pension Admin & Consulting|

Consider estate-planning implications If you are getting remarried, you may face some special estate-planning challenges, especially if you have children from a prior marriage. The following 10 tips may help. 1. Talk with one another. Do not start off a marriage by hiding financial interests or concerns from one another. For instance, if you intend to [...]

ABLE Accounts: tax-advantage savings program for people with disabilities

By | 2017-05-18T22:55:00+00:00 February 17th, 2017|Accounting & Auditing, Estate & Trust, Individual Tax, News & Events|

Early last year we discussed the ABLE Accounts as a potential option for Alabama families.  By December, the state of Alabama instituted the program, per State Treasurer Young Boozer, with a contract with the state of Nebraska.  The Alabama plan will be known as Enable Savings Plan Alabama, and more information can be found at www.enableAL.com. [...]

Adding a Prenup to Your Estate Plan

By | 2017-05-18T22:55:01+00:00 December 28th, 2016|Estate & Trust, News & Events|

Are nuptials on the way? Suppose that you are going to be married soon. Perhaps it’s a second or even third marriage. Or maybe another family member—for example, a son or daughter, or a grandchild—will be the one walking down the aisle. In any event, it should be a blissful occasion. But you cannot ignore [...]

Important! New Tax Filing Deadlines for 2017

By | 2017-05-18T22:55:01+00:00 December 19th, 2016|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events|

For years that begin after December 31, 2015, taxpayers will have new filing deadlines for many tax returns.  The most significant changes are as follows: 2017 Tax Deadlines There are penalties for Form 1099 for incorrect filings, late filings and failure to file.  If Form 1099 is filed within 30 days of the [...]

A Letter of Instruction to my Family — Important Information to Have Ready to Pass onto Loved Ones

By | 2016-12-07T20:48:17+00:00 December 7th, 2016|Estate & Trust, News & Events|

Please make sure to updated and review this list annually; also update beneficiaries & will if necessary ~ 1. Administrative and financial matters: I urge my family to rely principally on the advice of: My Lawyer___________________________________ or ___________________________________________ My CPA_____________________________________  or ___________________________________________ My Financial Advisor___________________________ or ___________________________________________ Other_______________________________________ or ___________________________________________ 2. About my financial records: [...]

Let Us Help You Make Some Tax Moves Before Year End

By | 2017-05-18T22:55:01+00:00 November 21st, 2016|Corporate & Partnership Tax, Entrepreneurs, Estate & Trust, Individual Tax, News & Events, Pension Admin & Consulting, SALT|

With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year. [...]

IRS Issues Proposed Regulations to Family Owned Entities (§2704)

By | 2017-05-18T22:55:01+00:00 September 15th, 2016|Entrepreneurs, Estate & Trust, Timber|

It’s fourth and long and time is running out! What’s your game plan?  In 1990, Congress passed code Section 2704 intending to limit the aggressive use of valuation discounts utilized by family owned entities.  Many years and several court losses later, the IRS, in August, issued Proposed Regulations to §2704 that are intended to severely [...]

Bump Up in Estate Tax Exemption

By | 2016-08-02T20:34:28+00:00 August 2nd, 2016|Estate & Trust, News & Events|

Under the American Taxpayer Relief Act of 2012 (ATRA), the federal estate-tax exemption is permanently set at $5 million with a top 40% rate. ATRA also provides for inflation indexing of the exemption, beginning in 2013. The figures for the past four years, which show a modest increase for 2016, are as follows: Year                Exemption [...]