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..........

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Maurice La Verdure
Maurice La Verdure

21 September, 2021

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

Estate planning in a socially distanced environment

As many states continue to struggle with the current surge in COVID-19 cases, the “new normal” demands continued social distancing in many areas of life. What does this mean for estate planning? Clear..........

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Maurice La Verdure
Maurice La Verdure

7 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..........

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Maurice La Verdure
Maurice La Verdure

1 September, 2021

Business Owners & Entrepreneurs, Retirement Planning, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement, smallbusiness

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth ..........

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Maurice La Verdure
Maurice La Verdure

20 August, 2021

Business Owners & Entrepreneurs, Taxes, Executives, Retirees, Business Owners, Investment Advisory & Wealth Mangement

Possible tax consequences of guaranteeing a loan to your corporation

What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or indemnitor of a debt obligation of your closely held corporation, be aw..........

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Maurice La Verdure
Maurice La Verdure

18 August, 2021

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

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. Long-term medical care The costs of qualified lon..........

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Scott Henvey
Scott Henvey

12 August, 2021

Business Owners & Entrepreneurs, Taxes, Retirees, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If you’re interested in lending money to loved ones in nee..........

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Scott Henvey
Scott Henvey

6 August, 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..........

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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..........

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Scott Henvey
Scott Henvey

28 July, 2021

Taxes, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness, Tax Audit

IRS audits may be increasing, so be prepared

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being..........

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Scott Henvey
Scott Henvey

16 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..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2021

Taxes, Executives, Tax Reform, Retirees, Business Owners, Divorcees and Widows, smallbusiness

Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at t..........

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Scott Henvey
Scott Henvey

6 July, 2021

Executives, Tax Reform, Planning, Retirees, Text Preparation Planning, Business Owners, Divorcees and Widows, Investment Advisory & Wealth Mangement

Help guide your family with a road map for your estate plan

You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” t..........

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Scott Henvey
Scott Henvey

22 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 ..........

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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..........

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Maurice La Verdure
Maurice La Verdure

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..........

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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..........

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Scott Henvey
Scott Henvey

7 April, 2021

Retirement Planning, Retirees

What qualifies as a “coronavirus-related distribution” from a retirement plan?

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without p..........

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Scott Henvey
Scott Henvey

23 June, 2020

Retirement Planning, Retirees

Seniors: Can you deduct Medicare premiums?

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re marri..........

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Maurice La Verdure
Maurice La Verdure

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians

There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax..........

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Scott Henvey
Scott Henvey

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I ded..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Physicians, Divorcees and Widows

IRA account value down? It might be a good time for a Roth conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a va..........

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L&H CPAs
L&H CPAs

14 July, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Physicians, Divorcees and Widows

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of ..........

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L&H CPAs
L&H CPAs

14 July, 2020

Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning, Traditional IRA, Retirees, Investment Advisory & Wealth Mangement

Planning for a tax-efficient retirement

As this article explains, tax planning for retirement is critical to ensuring that savings last. Retirees are urged to estimate cash needs, coordinate Social Security benefits with other income source..........

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L&H CPAs
L&H CPAs

14 July, 2020

Traditional IRA, Retirees

Using the 4% rule to make retirement fund withdrawals

Determining how much to withdraw from a retirement nest egg annually can be stressful. As this article argues, the 4% rule can help reduce uncertainty. Retirees withdraw 4% of a portfolio in the first..........

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L&H CPAs
L&H CPAs

14 July, 2020

Planning, Traditional IRA, Retirees

Take it or leave it - How to handle your 401(K) plan when you retire

A major decision for those who are newly retired, or planning on retiring soon, is deciding what to do with the savings accumulated in their company’s 401(k) plan. This article takes a look at various..........

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L&H CPAs
L&H CPAs

14 July, 2020

Traditional IRA, Retirees

Living the dream of early retirement

Many people dream of retiring early so they can pursue activities other than work. But making this dream a reality requires careful planning and diligent saving during the years leading up to retireme..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirement Planning, Traditional IRA, Retirees

Choosing an employee retirement plan

Abstract: Businesses offering their employees a retirement plan for the first time have some tried-and-true choices. This article spotlights four types of plans: traditional and Roth 401(k)s, Simplifi..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirees, Divorcees and Widows, Business Consulting

LHCPA Post 13

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..........

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L&H CPAs
L&H CPAs

14 July, 2020

Retirees, Divorcees and Widows

LHCPA Post 9

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