Your Tax Insights from L&H CPAs

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

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 beneficiary, not you, had been named as the beneficiary in the first place.

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Tags: Estate Planning

Raising Money-Smart Children

Posted by L&H CPAs on Oct 23, 2018 8:53:00 AM

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive.

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Tags: Estate Planning

IRA Charitable Rollover - Even More Beneficial in 2018

Posted by L&H CPAs on Oct 18, 2018 7:07:00 AM

If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA to qualified charitable organizations without owing any income tax on the distributions. This break may be especially beneficial now because of Tax Cuts and Jobs Act (TCJA) changes that affect who can benefit from the itemized deduction for charitable donations.

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Tags: Estate Planning

2 Ways to Ensure a Successful Family Business Transfer

Posted by L&H CPAs on Oct 9, 2018 9:57:03 AM

 

For many people, a family-owned business is their primary source of wealth, so it’s critical to plan carefully for the transition of ownership from one generation to the next.

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Tags: Estate Planning

Estate Planning for Unmarried Couples

Posted by L&H CPAs on Oct 1, 2018 6:02:06 PM

 

When married couples neglect to prepare an estate plan, state intestacy laws step in to help provide financial security for the surviving spouse. It may not be the plan they would have designed, but at least it offers some measure of financial security. Unmarried couples, however, have no such backup plan. Unless they carefully spell out how they wish to distribute their wealth, a surviving life partner may end up with nothing.

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Tags: Estate Planning

3 Reasons You Should Continue Making Lifetime Gifts

Posted by L&H CPAs on Sep 25, 2018 11:57:43 AM



Now that the gift and estate tax exemption has reached a record high of $11.18 million (for 2018), it may seem that gifting assets to loved ones is less important than it was in previous years. However, lifetime gifts continue to provide significant benefits, whether your estate is taxable or not.

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Tags: Estate Planning

Tailoring the Role of Trust Protectors in Estate Planning

Posted by L&H CPAs on Sep 5, 2018 10:09:31 AM

Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawback: When you set up an irrevocable trust, you must relinquish control of the assets placed in it. What you can control is who will eventually oversee distribution of the assets after your death. That is, you can appoint the trustee. But if you aren’t completely confident that the trustee will carry out your wishes, you might want to appoint a trust protector, too.

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Tags: Estate Planning

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