Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Don’t Worry! a Broken Trust Can Be Fixed

Posted by L&H CPAs on Nov 12, 2019 8:22:57 AM

There are good reasons why estate planning advisors recommend you revisit and, if necessary, revise your estate plan periodically: changing circumstances, including family situations and new tax laws. While it’s relatively simple to change a...

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Tags: Estate Planning

Who Needs an Estate Plan? You Do!

Posted by L&H CPAs on Oct 29, 2019 9:40:29 AM

 

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Tags: Estate Planning

Leave a Philanthropic Legacy with a Charitable Remainder Trust

Posted by L&H CPAs on Oct 13, 2019 2:53:37 PM

Let’s say you’re charitably inclined but have concerns about maintaining a sufficient amount of income to meet your current needs. The good news is that there’s a trust for that: a charitable remainder trust (CRT). This type of trust allows you...

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Tags: Estate Planning

Is a Self-Directed IRA Right for You?

Posted by L&H CPAs on Oct 13, 2019 2:41:33 PM

Traditional and Roth IRAs can be powerful estate planning tools. With a “self-directed” IRA, you may be able to amp up the benefits of these tools by enabling them to hold nontraditional investments that offer potentially greater returns....

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Tags: Estate Planning

Sec. 6166: Estate Tax Relief for Family Businesses

Posted by L&H CPAs on Oct 13, 2019 2:18:47 PM

Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held...

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Tags: Estate Planning

The Crummey Trust: Still Relevant After All These Years

Posted by L&H CPAs on Oct 2, 2019 7:32:46 AM

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclusion allows you to give up to $15,000 per year ($30,000 for married couples)...

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Tags: Estate Planning

When It Comes to Asset Protection, a Hybrid Dapt Offers the Best of Both Worlds

Posted by L&H CPAs on Sep 24, 2019 6:54:47 AM

A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this, you must limit estate tax liability and protect assets from creditors’ claims...

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Tags: Estate Planning

Control How Your Charitable Gifts Are Used by Adding Restrictions

Posted by L&H CPAs on Sep 17, 2019 10:56:01 AM

If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable purposes. Outright gifts can be risky, especially large donations that will...

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Tags: Estate Planning

Take Intrafamily Lending to the Next Level by Establishing a Family Bank

Posted by L&H CPAs on Sep 10, 2019 11:07:11 AM

One of the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death. But what if you’d like to use that wealth to help a family member in need while you’re still alive? One way to...

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Tags: Estate Planning

Expanded 529 plans offer unique estate planning benefits

Posted by L&H CPAs on Sep 3, 2019 9:00:00 AM

If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts and Jobs Act (TCJA) to cover elementary and...

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Tags: Estate Planning

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