Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Flex Plan: In an Unpredictable Estate Planning Environment, Flexibility Is Key

Posted by L&H CPAs on Nov 18, 2019 4:10:38 AM

The Tax Cuts and Jobs Act (TCJA) made only one change to the federal gift and estate tax regime, but it was a big one. It more than doubled the combined gift and estate tax exemption, as well as the generation-skipping transfer (GST) tax...

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Tags: Estate Planning

BDIT Lets You Give Away Property Without Losing Control

Posted by L&H CPAs on Nov 18, 2019 3:52:13 AM

By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own...

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Tags: Estate Planning

The Net Investment Income Tax Is Alive and Well: How It Can Affect Your Estate Plan

Posted by L&H CPAs on Nov 18, 2019 3:28:43 AM

The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates, but it left the 3.8% net investment income tax (NIIT) in place. It’s important to address the NIIT in your estate plan, because it can erode your earnings from interest,...

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Tags: Estate Planning

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

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