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

Planning for year-end gifts with the gift tax annual exclusion

As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any esta..........

Read More
Maurice La Verdure
Maurice La Verdure

21 September, 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. For some, this strategy may help stave off a will contes..........

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. The current rules Under the current fair market value basis rules (a..........

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 change it? Depending on applicable state law, you may have sev..........

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.” It all depends on your family’s circumstances. Specifica..........

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 creditors’ claims or lawsuits. These goals are still imp..........

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. Here’s a brief rundown of four tax and financial issues ..........

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 at the same time. As a result, estate planning — w..........

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. You want to take maximum advantage of tax benefits to mini..........

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 medical decisions if you’re unable to make them for yours..........

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 options you may have because of COVID-19 pandemic restricti..........

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 insurance policies no one knows about. Using a ficti..........

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-adjusted $11.7 million in 2021 — is viewed by some pe..........

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 estate plan. But do you know what provisions should..........

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 way to do that than to help provide for their educa..........

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 make up tangible personal property, such as jewelry..........

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. Thus, it’s critical to understand the role of a trus..........

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 or grandchildren in college or with medical expens..........

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 of ..........

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 money ..........

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’s ..........

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 estate taxes generally focus on removing assets fro..........

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 eligibility for means-tested government benefits s..........

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 inauguration next month, you may be wondering how the federal estate tax may be affected. During the campaign, Biden..........

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 these from time to time, other types of “sins” can be..........

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 may be to name a trusted family member as executor. ..........

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 artwork may be motivated in part by potential financial ..........

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 divorce to be an even more taxing experience. Several..........

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 older family members, such as your parents or in-laws...........

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 trust is the more common of the two, but an NCP tru..........

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 policy, but there’s a catch: If you wait too long, your ..........

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 or financial affairs? Unless your estate plan address..........

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 is likely your “pride and joy.” So it’s normal if you..........

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 benefits..........

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, sign..........

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 difficult..........

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 this..........

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 as..........

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 exam..........

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 your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now and late..........

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 ensure that your property is distributed the way you desire. Adopted children Adopted children are placed on an e..........

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 accounts, bill-paying services, cloud-based document storage, digital music collections, social media accounts, and..........

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 convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your ..........

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 gift-tax-free for 2020, without tapping your lifetime gift and estate tax exemption. And you can double the exclusion..........

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 for..........

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 law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Rel..........

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 organizations. ..........

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. Howeve..........

Read More
L&H CPAs
L&H CPAs

14 July, 2020

Estate Planning

A trust can be a mighty financial fortress

Trusts are often established to achieve estate planning goals, including reducing taxes. But they can also help protect assets from creditors, former business partners, ex-spouses and “spendthrift” ch..........

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

For many business owners, estate planning and succession planning go hand in hand. An owner of a closely held business likely has a significant portion of his or her wealth tied up in the business. Wi..........

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 gift and estate tax exemption, as well as the g..........

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 transfer assets tax-free. To take advantage of the h..........

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 NIIT in your estate plan, because it..........

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 laws...........

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 of ..........

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 exclusion allows you to give up to ..........

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, you must limit estate tax liabil..........

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 purposes. Outright gifts can be ri..........

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 member ..........

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 and ..........

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 ever since the 1500s, when an unknown printer to..........

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 ever since the 1500s, when an unknown printer to..........

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 ever since the 1500s, when an unknown printer to..........

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 ever since the 1500s, when an unknown printer to..........

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 estate..........

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 situation a..........

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 your wishes for making financial a..........

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 can b..........

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 stuff” — your tangible personal pro..........

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 substantially increased generation-skipping ..........

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 people, you may inadvertently disi..........

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 decisions i..........

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 to an inflation-adjusted $10 million ($20 million f..........

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. While estate plan..........

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, including asse..........

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%). Women in this age gro..........

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 estate tax and..........

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 road map — an informal letter or other do..........

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. Let’s ta..........

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. To secure these benefits, however, the de..........

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. A prenuptial agreement can be an effective tool for overr..........

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 needed to pay those taxes. An intrafamily loan is one option. While a lif..........

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 decisions if you’..........

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 answer:..........

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 tha..........

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 to include them as beneficiaries in your estate plan, it’s critical to be aware of..........

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. Th..........

Read More
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 simply to see their loved ones enjoy the gifts. ..........

Read More
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 and o..........

Read More
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. This br..........

Read More
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. The best approach depe..........

Read More
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 have designed, but..........

Read More
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 than it was in previous years. Howeve..........

Read More
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 drawback: When you set up an irrevocable trust, you must relinquish control of the asset..........

Read More
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 esta..........

Read More
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 getting the most attention these days. But a t..........

Read More
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 the beneficiary of su..........

Read More
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 an original, sign..........

Read More
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 children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spo..........

Read More
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’t the case with an asset ..........

Read More
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 beneficiaries can l..........

Read More
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 hold their assets in trusts, family investment vehicles or charitable foundations. If assets held in this manner ..........

Read More
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 that it’s suscep..........

Read More
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 estate tax liability, provided the children have sufficient funds to..........

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 donations can help achieve that goal and benefit your favorite organizations. In addition, by making do..........

Read More
L&H CPAs
L&H CPAs

13 June, 2020