Estate & Trust

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Two Senate Proposals That Could Drastically Affect Estate Planning

By |2021-07-20T15:23:17+00:00July 20th, 2021|Estate & Trust, Individual Tax, News & Events, Press Releases|

This spring, two Senate proposals were introduced that contain significant changes to federal estate, gift, generation-skipping transfer (GST) taxes, and, the concept of "stepped-up basis" for inherited and gifted wealth. It should be emphasized here that these are just proposals and it is unknown what, if any, of these acts will become law. The two [...]

Four Steps in Eldercare Planning

By |2021-04-01T13:32:30+00:00April 1st, 2021|Estate & Trust, News & Events|

Over the course of time, the caretaker roles of parents and children often reverse, especially if one or more parent experiences health problems. For example, an elderly parent may no longer be competent to handle his or her own affairs. This can raise sensitive financial and personal issues within the family. The optimal approach is [...]

Three New Tax Breaks for Charitable Donors

By |2020-08-18T15:01:32+00:00August 18th, 2020|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases|

The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

Estate and Gift Tax Due Dates Now Also July 15

By |2020-03-27T22:51:40+00:00March 25th, 2020|Estate & Trust, News & Events, Press Releases|

In response to many questions about the filing and payment deadline extension announced Friday in Notice 2020-18, the IRS posted 24 questions and answers on its website Tuesday. Does this relief provided in the Notice apply to estate and gift taxes? A:   No, normal filing and payment due dates continue to apply to estate and gift [...]

Have You Designated Your Beneficiaries? Seven smart estate planning suggestions

By |2020-03-09T20:10:07+00:00March 9th, 2020|Estate & Trust, News & Events, Press Releases|

Most of us lead hectic lives, but it is important to take time to designate or update beneficiaries for all your assets as part of an estate plan. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are seven [...]

Find “Power” in Estate Planning

By |2020-02-17T19:55:17+00:00February 10th, 2020|Estate & Trust, News & Events|

Even if you are in good health, do not dismiss the possibility that you could be incapacitated at some point. It is important to take precautions in the event you suddenly cannot manage your personal and financial affairs. One common means of ensuring some measure of protection is to create a “power of attorney.” In [...]

Is Estate Planning on the Menu?

By |2019-09-04T20:14:50+00:00September 4th, 2019|Estate & Trust, News & Events|

Are you caught between the needs of young children and elderly relatives like your parents? If so, you are part of the growing segment of the population known as the “sandwich generation.” In particular, it may be difficult to care for loved ones as they grow older and require more care. To compound the problems, [...]

Overview of Charitable Remainder Trusts

By |2019-05-14T16:26:26+00:00May 14th, 2019|Estate & Trust, News & Events|

The charitable remainder trust (CRT), which has been a valuable estate planning tool for decades, has not been forgotten. Currently, the usual 15% tax rate on long-term capital gains is increased to 20% for upper-income investors, while a 3.8% surtax may also apply to a portion of your investment income. Thus, CRTs remain a popular [...]