TAX STRATEGIES, ADVICE, & INSIGHTS

Estate Planning Lite: College-Aged Children Need a Basic Estate Plan

Posted by L&H CPAs on Feb 13, 2019 9:00:00 AM

If your son or daughter currently is home from college on winter break, now is a good time to sit down and discuss a few estate planning documents he or she should have at this stage of life. Let’s take a closer look at four such documents:

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Tags: Estate Planning

Automatic Extension Available for Making Portability Election

Posted by L&H CPAs on Jan 10, 2019 8:23:00 AM

Portability allows a surviving spouse to apply a deceased spouse’s unused estate tax exemption amount toward his or her own transfers during life or at death.

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Tags: Estate Planning

DAPT-Better Than a Prenup for Protecting Family Assets

Posted by L&H CPAs on Jan 9, 2019 7:15:00 AM

If you or one of your adult children is getting married, you may be concerned about protecting your family’s assets in the event of a divorce.

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Tags: Estate Planning

Liquidity an Issue? An Intrafamily Loan Can Cover Estate Taxes

Posted by L&H CPAs on Jan 8, 2019 8:59:00 AM

 

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity needed to pay those taxes. An intrafamily loan is one option.

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Tags: Estate Planning

Unleash the Benefits of a Nonspringing Power of Attorney

Posted by L&H CPAs on Jan 4, 2019 9:27:00 AM

 

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) • specifically, a nonspringing POA.

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Tags: Estate Planning

Read This Before You Name a Trust as IRA Beneficiary

Posted by L&H CPAs on Jan 2, 2019 9:40:53 AM

An IRA is a popular vehicle to save for retirement, and it can also be a powerful estate planning tool. Some people designate a trust as beneficiary of their IRAs, but is that a good idea? The answer: possibly.

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Tags: Estate Planning

Review and Revise Your Estate Plan to Reflect Life Changes During the past Year

Posted by L&H CPAs on Dec 24, 2018 7:24:00 AM

Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan.

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Tags: Estate Planning

Including Employees in Your Estate Plan? Be Careful

Posted by L&H CPAs on Nov 20, 2018 8:30:00 AM

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences.

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Tags: Business Owners & Entrepreneurs, Estate Planning

Tenancy-In-Common: A Versatile Estate Planning Tool

Posted by L&H CPAs on Nov 7, 2018 9:35:37 AM

If you hold significant real estate investments, tenancy-in-common (TIC) ownership can be a powerful, versatile estate planning tool. A TIC interest is an undivided fractional interest in property. The property isn’t split into separate parcels. Rather, each TIC owner has the right to use and enjoy the entire property.

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Tags: Estate Planning

Consider All the Tax Consequences Before Making Gifts to Loved Ones

Posted by L&H CPAs on Nov 6, 2018 9:29:55 AM

Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences.

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Tags: Tax Reform, Estate Planning

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