Estate & Trust

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IRS Provides Extra Estate Tax Protection

By | 2019-02-05T19:22:42+00:00 February 5th, 2019|Estate & Trust, News & Events|

The IRS has provided some estate planning comfort for well-to-do individuals. Under the Tax Cuts and Jobs Act (TCJA), the estate tax exclusion was raised to $10 million, indexed for inflation. That provides plenty of leeway for most families. However, like many other TCJA changes for individuals, this provision is scheduled to “sunset” after 2025. [...]

Seven Reasons to Have a Will

By | 2018-12-20T15:57:03+00:00 January 3rd, 2019|Estate & Trust, News & Events|

Many music lovers were dismayed by the recent death of Aretha Franklin, the famous recording artist. Also dismaying: The “Queen of Soul” passed away without a legally enforceable will. This could lead to serious complications. What about you? If you do not have a will in place, do not wait any longer. There are numerous [...]

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 [...]

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: [...]