Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

If You’re Driven to Transfer a Vehicle’s Ownership to a Trust, Know the Risks

Posted by L&H CPAs on Mar 14, 2019 9:00:00 AM

A revocable trust — often referred to as a “living trust” — can help ensure smooth management of your assets during life and avoid probate at death. And you may know that the trust isn’t effective unless you “fund” it — that is, transfer...

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Tags: Estate Planning

Have You Properly Substantiated Your 2018 Charitable Gifts?

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

Donating to charity is a key estate planning strategy for many people. It reduces the size of your taxable estate and it can help you leave a lasting legacy with organizations you care about.

The benefit of making such gifts during life rather...

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Tags: Estate Planning

What You Need to Know About Filing Gift and Estate Tax Returns

Posted by L&H CPAs on Mar 6, 2019 9:00:00 AM

Have you made substantial gifts of wealth to family members? Or are you the executor of the estate of a loved one who died recently? If so, you need to know whether you must file a gift or estate tax return.

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Tags: Estate Planning

Why Turn Down an Inheritance?  To Save Gift & Estate Tax

Posted by L&H CPAs on Oct 31, 2018 10:26:00 AM

If you are about to receive an inheritance from a family member, you can use a qualified disclaimer to refuse the bequest. The assets will then bypass your estate and go directly to the next beneficiary in line. It’s as if the successor...

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Tags: Estate Planning

Document Your Most Important Wishes

Posted by L&H CPAs on Aug 16, 2018 10:46:00 AM

It may be difficult to consider, but funeral arrangements are a critical component of your estate plan. Failure to clearly communicate your wishes regarding the disposition of your remains can lead to tension, disputes and even litigation among...

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Tags: Estate Planning

Kiddie Tax Grows up - More Dangerous Than Ever

Posted by L&H CPAs on Aug 15, 2018 10:00:00 AM

Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax...

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Tags: Estate Planning

Charitable Gift Annuities - Double Duty Giving

Posted by L&H CPAs on Aug 9, 2018 10:48:00 AM

If you’re charitably inclined, you may wish to consider a charitable gift annuity. It can combine the benefits of an immediate income tax deduction and a lifetime income stream. Furthermore, it allows you to support a favorite charity and reduce...

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Tags: Estate Planning

What Happens to Your Bitcoin When You Die?

Posted by L&H CPAs on Aug 7, 2018 10:30:00 AM

Don't let digital assets complicate your estate planning process. Even though you can’t physically touch digital assets, they’re just as important to include in your estate plan as your material assets. Cryptocurrency is just the tip of the...

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Tags: Estate Planning

Keeping a Trust a Secret Could Violate State Law

Posted by L&H CPAs on Apr 16, 2018 9:02:16 PM

If your estate plan includes one or more trusts, you may have a good reason for wanting to keep them a secret.

For example, you may be concerned that, if your children or other beneficiaries knew about the trust, they might spend recklessly or...

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Tags: Estate Planning

Only Certain Trusts Can Own S Corporation Stock

Posted by L&H CPAs on Feb 15, 2018 6:01:00 AM

S corporations must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only...

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Tags: Estate Planning

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