Tax Strategies, Advice & Insights

TAX STRATEGIES, ADVICE, & INSIGHTS

Leave Your Mark with a Dynasty Trust

Posted by L&H CPAs on May 28, 2019 9:00:00 AM

If a prime objective of your estate plan is to leave a lasting legacy, a dynasty trust may be the right estate planning vehicle for you. And, thanks to the substantially increased generation-skipping transfer (GST) tax exemption amount...

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Tags: Estate Planning

Beware If Your Estate Plan Leaves Specific Assets to Specific Heirs

Posted by L&H CPAs on May 21, 2019 9:00:00 AM

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them.

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Tags: Estate Planning

Make health care decisions while you’re healthy

Posted by L&H CPAs on May 9, 2019 9:12:47 AM

Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them...

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Tags: Estate Planning

Does Your Estate Plan Include a Formula Funding Clause?

Posted by L&H CPAs on May 2, 2019 10:36:59 AM

The gift and estate tax exemption is higher than it’s ever been, thanks to the Tax Cuts and Jobs Act (TCJA), which temporarily doubled the exemption to an inflation-adjusted $10 million ($20 million for married couples who design their estate...

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Tags: Estate Planning

Estate Planning for Single Parents Requires Special Considerations

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

Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll.

While estate planning for single parents is similar to estate...

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Tags: Estate Planning

Properly Funding Your Revocable Trust Is the Key to Unlocking Its Benefits

Posted by L&H CPAs on Apr 17, 2019 9:00:00 AM

If your estate plan includes a revocable trust — also known as a “living” trust — it’s critical to ensure that the trust is properly funded. Revocable trusts offer significant benefits, including asset management (in the event you become...

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Tags: Estate Planning

When Life Insurance Becomes Taxable

Posted by L&H CPAs on Apr 11, 2019 11:00:45 AM

Consider these facts on aging from the 2010 Census¹:

  • The highest growth rate for a 10-year age group within the older population (age 65+) was for men 85 to 94 years old (46.5%). Women in this age group grew by 22%.
  • Men 90 to 94 years old had...
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Tags: Estate Planning

Building an On-Off Switch into Your Estate Plan

Posted by L&H CPAs on Apr 10, 2019 9:00:00 AM

The right estate planning strategy for you likely is the one that will produce the greatest tax savings for your family. Unfortunately, there can be tension between strategies that save estate tax and ones that save income tax. This is especially...

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Tags: Estate Planning

Create a Road Map to Protect Your Estate

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

No matter how much effort you’ve invested in designing your estate plan, your will, trusts and other official documents may not be enough. Consider creating a road map — an informal letter or other document that guides your family in...

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Tags: Estate Planning

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

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