Run The Numbers Before Donating Appreciated Assets To Charity

Are you charitably inclined? If so, you probably know that donations of long-term appreciated assets, such as stocks, have an advantage over cash donations. But in some cases, selling appreciated assets and donating the proceeds may be a better strategy. That’s because adjusted gross income (AGI) li..........

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Scott Henvey
Scott Henvey

16 January, 2023

Estate Planning

Does your trust provide for the removal of a trustee?

To ensure that a trust operates as intended, it’s critical to appoint a trustee that you can count on to carry out your wishes. But to avoid protracted court battles in the event that the trustee i..........

Read More
Maurice La Verdure
Maurice La Verdure

6 September, 2022

Estate Planning

Power up your trust with Crummey powers

The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for..........

Read More
Scott Henvey
Scott Henvey

11 April, 2022

Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

For 2022, the federal gift and estate tax exemption has reached its highest level ever. In fact, you can transfer up to $12.06 million by gift..........

Read More
Maurice La Verdure
Maurice La Verdure

11 March, 2022

Retirement Planning, Estate Planning, Tax Reform, Retirees, Investment Advisory & Wealth Mangement

Owning real estate in more than one state may multiply probate costs

One goal of estate planning is to avoid or minimize probate. This is particularly important if you own real estate in more than one state. Why..........

Read More
Scott Henvey
Scott Henvey

9 March, 2022

Taxes, Estate Planning, Planning, Business Consulting

The donor-advised fund: A powerful vehicle for charitable giving

If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundati..........

Read More
Maurice La Verdure
Maurice La Verdure

16 February, 2022

Taxes, Estate Planning, Tax Reform, Planning, Divorcees and Widows

Is your estate plan up to date following a divorce?

If you’ve recently divorced, your time likely has been consumed with attorney meetings and negotiations, even if everything was amicable. Prob..........

Read More
Scott Henvey
Scott Henvey

13 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

With year-end approaching, 3 ideas that may help cut your tax bill

If you’re starting to worry about your 2021 tax bill, there’s good news — you may still have time to reduce your liability. Here are three qui..........

Read More
Maurice La Verdure
Maurice La Verdure

13 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. B..........

Read More
Scott Henvey
Scott Henvey

9 December, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Do you have a will?

The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent in..........

Read More
Maurice La Verdure
Maurice La Verdure

15 November, 2021

Taxes, Estate Planning, Tax Reform, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement, Gift Tax

Feeling generous at year end? Strategies for donating to charity or gifting to loved ones

As we approach the holidays, many people plan to donate to their favorite charities or give money or assets to their loved ones. Here are the ..........

Read More
Scott Henvey
Scott Henvey

15 November, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows

Is recording my will signing on video a good idea?

Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity..........

Read More
Maurice La Verdure
Maurice La Verdure

1 September, 2021

Retirement Planning, Taxes, Estate Planning, Planning, Retirees, Divorcees and Widows, Investment Advisory & Wealth Mangement

Understanding the current "step-up" basis rules

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

Read More
Maurice La Verdure
Maurice La Verdure

30 July, 2021

Taxes, Estate Planning, Planning, Retirees, Investment Advisory & Wealth Mangement

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves your purposes? Is it too late to chan..........

Read More
Scott Henvey
Scott Henvey

28 July, 2021

Retirement Planning, Taxes, Estate Planning, Tax Reform, Planning, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Does your estate plan address your grandchildren in a fair manner?

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean “fair...........

Read More
Maurice La Verdure
Maurice La Verdure

14 July, 2021

Business Owners & Entrepreneurs, Estate Planning, Executives, Planning

Estate planning in the FAST lane

Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against credit..........

Read More
Maurice La Verdure
Maurice La Verdure

18 June, 2021

Retirement Planning, Taxes, Estate Planning, Executives, Retirees, Investment Advisory & Wealth Mangement

Retiring soon? 4 tax issues you may face

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications...........

Read More
Maurice La Verdure
Maurice La Verdure

17 June, 2021

Estate Planning, Executives, Planning, Retirees

Members of the sandwich generation find themselves in a unique situation

The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents ..........

Read More
Maurice La Verdure
Maurice La Verdure

17 June, 2021

Investing, Estate Planning, Tax Reform, Planning, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

Tax-favored ways to build up a college fund

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. ..........

Read More
Scott Henvey
Scott Henvey

17 June, 2021

Business Owners & Entrepreneurs, Retirement Planning, Taxes, Estate Planning, Planning, Retirees

4 Reasons to Revisit Your Powers of Attorney

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or..........

Read More
Maurice La Verdure
Maurice La Verdure

12 May, 2021

Business Owners & Entrepreneurs, Retirement Planning, Estate Planning, Retirees, Business Owners

Keep it all in the family: Transferring your vacation home

If your family owns a vacation home, you know what a relaxing refuge it can be. This is especially true these days due to the limited travel o..........

Read More
Scott Henvey
Scott Henvey

7 April, 2021

Estate Planning

Not disclosing all of your assets helps no one

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life in..........

Read More
Maurice La Verdure
Maurice La Verdure

15 March, 2021

Estate Planning

Now or later: When’s the right time to transfer your wealth?

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adj..........

Read More
Maurice La Verdure
Maurice La Verdure

12 March, 2021

Estate Planning

Dissecting the contents of a will

For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any e..........

Read More
Scott Henvey
Scott Henvey

11 March, 2021

Estate Planning

Creating an education legacy using a family education trust

For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future generations. And what better w..........

Read More
Maurice La Verdure
Maurice La Verdure

4 March, 2021

Estate Planning

Getting sentimental over your tangible personal property

As a formal estate planning term, “tangible personal property” likely won’t elicit much emotion from you or your loved ones. However, the items that m..........

Read More
Maurice La Verdure
Maurice La Verdure

29 January, 2021

Estate Planning

What does a trustee do?

Your estate plan may include several different trusts. The reason is that various types of trusts can accomplish a myriad of estate planning goals. Th..........

Read More
Scott Henvey
Scott Henvey

22 January, 2021

Estate Planning

Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses

Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes. But if you have children ..........

Read More
Maurice La Verdure
Maurice La Verdure

19 January, 2021

Estate Planning

4 questions single parents should ask about their estate plans

Did you know that the United States has the highest rate of children living in single parent households? According to the Pew Research Center, nearly a quarter (23%) of U.S. children under the age ..........

Read More
Scott Henvey
Scott Henvey

14 January, 2021

Estate Planning

Make your legacy last by educating your children about wealth management

If you’ve worked 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 mon..........

Read More
Maurice La Verdure
Maurice La Verdure

4 January, 2021

Estate Planning

Does your estate plan clearly communicate your wishes?

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty..........

Read More
Scott Henvey
Scott Henvey

30 December, 2020

Estate Planning

With a flick of the switch: Build an on-off mechanism into your estate plan

When planning your estate, it’s critical to balance estate tax planning and income tax planning. The rub is that, currently, strategies for reducing e..........

Read More
Maurice La Verdure
Maurice La Verdure

18 December, 2020

Estate Planning

2 options for families with disabled loved ones: ABLE accounts and SNTs

If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her ..........

Read More
Scott Henvey
Scott Henvey

11 December, 2020

Estate Planning

Review your estate plan in light of a new presidential administration

As President-elect Joe Biden moves forward with the transition and prepares for the inau..........

Read More
Maurice La Verdure
Maurice La Verdure

7 December, 2020

Estate Planning

Avoid these four estate planning deadly sins

According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of the..........

Read More
Maurice La Verdure
Maurice La Verdure

1 December, 2020

Estate Planning

Name the right person as executor to help ensure your planning objectives are carried through

The executor’s role is critical to the administration of your estate and the achievement of your estate planning objectives. So your first instinct ..........

Read More
Maurice La Verdure
Maurice La Verdure

16 November, 2020

Estate Planning

Estate planning and your art collection

If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artw..........

Read More
Maurice La Verdure
Maurice La Verdure

5 November, 2020

Estate Planning

Don’t forget about making a portability election

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find d..........

Read More
Scott Henvey
Scott Henvey

30 October, 2020

Estate Planning

4 ways to address elderly parents in your estate plan

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some ol..........

Read More
Scott Henvey
Scott Henvey

23 October, 2020

Estate Planning

Is a noncharitable purpose trust right for you?

There are two trust types that don’t require one or more human beneficiaries: charitable trusts and noncharitable purpose (NCP) trusts. A charitable..........

Read More
Maurice La Verdure
Maurice La Verdure

8 October, 2020

Estate Planning

Don’t procrastinate if you plan to transfer ownership of your life insurance policy

Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the poli..........

Read More
Scott Henvey
Scott Henvey

29 September, 2020

Estate Planning

A health care power of attorney is an essential element of any estate plan

What happens if illness, injury or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care o..........

Read More
Maurice La Verdure
Maurice La Verdure

17 September, 2020

Estate Planning

Buy-sell agreements: A smart business decision also makes estate planning sense

Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and i..........

Read More
Scott Henvey
Scott Henvey

11 September, 2020

Estate Planning

Making lifetime gifts continues to be a smart estate planning strategy

With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benef..........

Read More
Maurice La Verdure
Maurice La Verdure

4 September, 2020

Estate Planning

Oh, no, your original will is missing!

In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, s..........

Read More
Scott Henvey
Scott Henvey

27 August, 2020

Estate Planning, Divorcees and Widows

Divorcing? Revise your estate plan

If you’re going through a divorce, you probably feel a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be diffic..........

Read More
Maurice La Verdure
Maurice La Verdure

20 August, 2020

Estate Planning

5 good reasons to turn down an inheritance

You may use a qualified disclaimer to refuse a bequest from a loved one. Doing so will cause an asset to bypass your estate and go to the next beneficiary in line. What are the reasons you’d take t..........

Read More
Scott Henvey
Scott Henvey

13 August, 2020

Estate Planning

Because of COVID-19, college-aged children need a basic estate plan

It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides..........

Read More
Maurice La Verdure
Maurice La Verdure

6 August, 2020

Estate Planning

Avoid “bad blood” among family members: Protect your will from legal challenges

You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch. When the terms are revealed, a niece, for e..........

Read More
Scott Henvey
Scott Henvey

31 July, 2020

Estate Planning

Fortify your assets against creditors with a trust

You may think of trusts as estate planning tools — vehicles for reducing taxes after y..........

Read More
Maurice La Verdure
Maurice La Verdure

27 July, 2020

Estate Planning

Family matters: Estate planning considerations if you have adopted children or unadopted stepchildren

If you have adopted children or unadopted stepchildren, estate planning is critical to..........

Read More
Scott Henvey
Scott Henvey

20 July, 2020

Estate Planning

Zeros and ones: Estate planning for your digital assets and accounts

Nearly everyone owns at least some digital assets, such as online bank and brokerage a..........

Read More
Maurice La Verdure
Maurice La Verdure

17 July, 2020

Estate Planning

A win-win proposition: A CRT can benefit you and your favorite charity

Are you a multitasker? If so, you may appreciate an estate planning technique that can..........

Read More
Scott Henvey
Scott Henvey

8 July, 2020

Estate Planning

Avoid pitfalls when splitting gifts with your spouse

The annual gift tax exclusion allows you to transfer up to $15,000 per beneficiary gif..........

Read More
Maurice La Verdure
Maurice La Verdure

26 June, 2020

Estate Planning

Estate planning when time is short

The novel coronavirus (COVID-19) pandemic has caused some people to contemplate their own mortality or that of a family member. For those whose life expectancies are short — because of COVID-19 or ..........

Read More
Scott Henvey
Scott Henvey

14 July, 2020

Estate Planning

The rules have changed regarding your IRAs, RMDs and estate plan

Many people’s estates typically include IRAs. Be aware that two major laws passed into..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Your legacy: Charitable giving is vital during the COVID-19 crisis

Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable or..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Review your estate plan in the midst of a major life shock

Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

A trust can be a mighty financial fortress

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Estate Planning, Business Owners, Business Consulting

Estate planning and business succession planning - The lines blur when a family business comes into play

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

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

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 gi..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

BDIT Lets You Give Away Property Without Losing Control

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 transfe..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

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

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 NI..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Don’t Worry! a Broken Trust Can Be Fixed

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 la..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Sec. 6166: Estate Tax Relief for Family Businesses

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 ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

The Crummey Trust: Still Relevant After All These Years

Traditionally, trusts used in estate planning contain “Crummey” withdrawal powers to ensure that contributions qualify for the annual gift tax exclusion. Today, the exclus..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

When It Comes to Asset Protection, a Hybrid Dapt Offers the Best of Both Worlds

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Control How Your Charitable Gifts Are Used by Adding Restrictions

If philanthropy is an important part of your estate planning legacy, consider taking steps to ensure that your donations are used to fulfill your intended charitable ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Take Intrafamily Lending to the Next Level by Establishing a Family Bank

One of the primary goals of estate planning is to put in writing how you want your wealth distributed to loved ones after your death. But what if you’d like to use that wealth to help a family memb..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Expanded 529 plans offer unique estate planning benefits

If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts a..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 8

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 7

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Taxes, Estate Planning, Traditional IRA

LHCPA Post 6

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

LHCPA Post 2

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

A Poorly Worded Apportionment Clause Can Upend an Estate Plan

Federal estate tax liability is no longer an issue for many families, now that the gift and estate tax exemption stands at $11.4 million for 2019. But there are still affluent individuals whose est..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Understanding the Contents of a Will

You probably don’t have to be told about the need for a will. But do you know what provisions should be included and what’s best to leave out? The answers to those questions depend on your situatio..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

What’s the Difference Between the Two Types of Power of Attorney?

When drafting your estate plan, you and your attorney must account for what happens to your children and your assets after you die. But your plan must also spell out ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Naming a Trustee May Be One of the Most Important Decisions of Your Life

When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they ca..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Assets with Sentimental Value Require Extra Planning

When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small s..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Leave Your Mark with a Dynasty Trust

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 substantia..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Beware If Your Estate Plan Leaves Specific Assets to Specific Heirs

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 ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Make health care decisions while you’re healthy

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 de..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Does Your Estate Plan Include a Formula Funding Clause?

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..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Estate Planning for Single Parents Requires Special Considerations

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. Read More

L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

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

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, inclu..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

When Life Insurance Becomes Taxable

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%). ..........
Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Building an On-Off Switch into Your Estate Plan

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 ..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Create a Road Map to Protect Your Estate

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 Read More

L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

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

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...........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Automatic Extension Available for Making Portability Election

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.

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

DAPT-Better Than a Prenup for Protecting Family Assets

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.

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Liquidity an Issue? An Intrafamily Loan Can Cover Estate Taxes

 

Sometimes estates that are large enough for estate taxes to be a concern are asset rich but cash poor, without the liquidity ne..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Unleash the Benefits of a Nonspringing Power of Attorney

 

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 ..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Read This Before You Name a Trust as IRA Beneficiary

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 ans..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

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

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..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Business Owners & Entrepreneurs, Estate Planning

Including Employees in Your Estate Plan? Be Careful

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..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Tenancy-In-Common: A Versatile Estate Planning Tool

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..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning, Tax Reform

Consider All the Tax Consequences Before Making Gifts to Loved Ones

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 sim..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Raising Money-Smart Children

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 a..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

IRA Charitable Rollover - Even More Beneficial in 2018

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. Thi..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

2 Ways to Ensure a Successful Family Business Transfer

 

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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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Estate Planning for Unmarried Couples

 

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 ha..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

3 Reasons You Should Continue Making Lifetime Gifts



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..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Tailoring the Role of Trust Protectors in Estate Planning

Irrevocable trusts can allow for the smooth, tax-advantaged transfer of wealth to family members. But there’s a drawb..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

#1 Argument Against DIY Estate Planning

There’s no law that says you can’t prepare your own estate plan. And with an abundance of online services that automate the creation of wills and other documents, it’s easy to do. But unless your ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

Administering an Estate or Inheriting Property?


When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are gett..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Think Twice Before Naming a Minor as Beneficiary



A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan. While making your young child ..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Your Original Will: Does Your Family Know Where to Locate It?


In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only a..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Provide for Your Spouse, Then Your Kids, with a QTIP Trust




If you want to preserve as much wealth as possible for your child..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Beware IRD If You’ve Received an Inheritance




Most people are genuinely appreciative of inheritances. But sometimes it may be too good to be true. While inherited property is typically tax-free to the recipient, this isn..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

A Total Return Unitrust Can Help Maintain Family Harmony


A traditional trust can sometimes create a conflict between the lifetime and remainder beneficiaries. For example, investment strategies that provide growth that benefits remainder ben..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Don’t Overlook Securities Laws When Planning Your Estate


For a variety of estate planning and asset management purposes, many affluent families..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Power of Attorney Abuse: What You Can Do About It


A financial power of attorney — sometimes called a “power of attorney for property” or a “general power of attorney” — can be a valuable estate planning tool. The main disadvantage is th..........

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L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

Leverage the TJCA to Ease Estate Tax Liability


Many of us have dreamed of buying a home that we one day wish to pass on to our adult children. Consider a joint purchase to reduce Read More

L&H CPAs
L&H CPAs

13 June, 2020

Estate Planning

How to Ensure You Receive Your Charitable Tax Deductions

If reducing your taxable estate is an important estate planning goal, making lifetime charitable do..........

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L&H CPAs
L&H CPAs

13 June, 2020

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