Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

A Poorly Worded Apportionment Clause Can Upend an Estate Plan

Posted by L&H CPAs on Aug 22, 2019 9:00:00 AM

Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still affluent individuals whose estates may be subject to hefty estate tax bills. If...

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Tags: Estate Planning

Understanding the Contents of a Will

Posted by L&H CPAs on Aug 15, 2019 12:43:36 PM

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situation and may depend on state law.

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Tags: Estate Planning

What’s the Difference Between the Two Types of Power of Attorney?

Posted by L&H CPAs on Aug 7, 2019 12:44:37 AM

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out your wishes for making financial and medical decisions if you’re unable to make...

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Tags: Estate Planning

Naming a Trustee May Be One of the Most Important Decisions of Your Life

Posted by L&H CPAs on Jul 30, 2019 10:23:10 AM

When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they can be complicated to set up. One of the major...

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Tags: Estate Planning

A Buy-Sell Agreement Can Provide the Liquidity to Cover Estate Taxes

Posted by L&H CPAs on Jul 23, 2019 11:08:22 AM

If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners.

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Tags: Estate Planning

Thinking about a Roth IRA conversion? Now may be the ideal time

Posted by L&H CPAs on Jul 17, 2019 9:00:00 AM

Roth IRAs offer significant estate planning and financial benefits. If you have a substantial balance in a traditional IRA and are considering converting it to a Roth IRA, there may be no better time than now. The Tax Cuts and Jobs Act (TCJA)...

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Tags: Estate Planning

Assets with Sentimental Value Require Extra Planning

Posted by L&H CPAs on Jul 3, 2019 11:04:28 AM

When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — your tangible personal property. Examples include jewelry, antiques and...

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Tags: Estate Planning

You Have Options When Addressing Life Insurance in Your Estate Plan

Posted by L&H CPAs on Jun 10, 2019 9:00:00 AM

Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. But, with the estate tax exemption currently set at an inflation-adjusted $10 million ($11.40 million for 2019), estate taxes are no longer a concern...

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Tags: Estate Planning

Leave Your Mark with a Dynasty Trust

Posted by L&H CPAs on May 28, 2019 9:00:00 AM

If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount...

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Tags: Estate Planning

Beware If Your Estate Plan Leaves Specific Assets to Specific Heirs

Posted by L&H CPAs on May 21, 2019 9:00:00 AM

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them.

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Tags: Estate Planning

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