Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. The Little Things May be the Most Important … [Read more...]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...]
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. This is a concern for many California homeowners due to the relatively high value of homes in California. Read the following article by my friend and colleague Steve Hartnett, an estate planning expert, to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction … [Read more...]
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article by my friend and colleague Steve Hartnett, an estate planning expert, provides a few tax tips now that we’ve begun another year. Read on to learn more. Tax Tips after New Year … [Read more...]
Selecting an Agent
Choosing the right Agent under a Power of Attorney is one of the most important choices. This article by my friend and colleague Steve Hartnett, an estate planning expert, discusses the qualities of an ideal Agent and qualities to avoid in selecting an Agent. Read on to learn more. Selecting an Agent … [Read more...]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines a nongrantor trust and situations in which it might be useful. Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...]
How Are Trusts Taxed?
Trusts are useful vehicles both during life and after death. This article by my friend and colleague Steve Hartnett, an estate planning expert, examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more. How Are Trusts Taxed? … [Read more...]
QDRO: Not Just for Divorce Anymore
Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...]
Turning the Page on 2018 and Looking Forward to 2019
As we turn the page and bid farewell to 2018, we look forward to 2019. This article by my friend and colleague Steve Hartnett, an estate planning expert, summarizes the major changes for 2019, both in the tax area and in other areas. Read on to learn more. Turning the Page on 2018 and Looking Forward to 2019 … [Read more...]
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