The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This guest blog by my friend and collegue Steve Hartnett, an estate planning expert, examines why. New Tax Law May Affect State Income Tax, Too! … [Read more...] about New Tax Law May Affect State Income Tax, Too!
Legal Education
Donor Advised Funds: IRS Issues New Ruling
A new ruling addresses whether a donor advised fund may satisfy charitable pledges by the donor/advisor. It now may do so, as long as certain requirements are met. Read the guest blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn more about how donor advised funds are a great tool for charitable giving. Donor Advised Funds: IRS Issues New Ruling … [Read more...] about Donor Advised Funds: IRS Issues New Ruling
Sager Family Shows Perils of Blended Families
Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. Sager Family Shows Perils of Blended Families … [Read more...] about Sager Family Shows Perils of Blended Families
Basics of Estate Planning: Choosing a Roth or Traditional IRA (or 401k)
Please enjoy the following blog of my friend and colleague Steve Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. In this blog, we’ll look at the differences between a Roth and a traditional IRA (or 401k). We’ll also look at considerations in choosing between them. With a traditional IRA (or 401k), you make a contribution and that amount is not included in your taxable income for the year. Contributions are limited to $5,500 (plus … [Read more...] about Basics of Estate Planning: Choosing a Roth or Traditional IRA (or 401k)
Basics of Estate Planning: Estate Planning for Major Life Events
This is another in a series of blogs on the basics of estate planning by my friend and colleague Steve Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate planning attorneys do many things. We help people structure their affairs for the various stages of their lives. When the client is starting out, we may help them establish a basic plan. This might include: A Financial General Durable Power of Attorney. This would allow someone … [Read more...] about Basics of Estate Planning: Estate Planning for Major Life Events
Basics of Estate Planning: Privacy and Estate Planning
Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read the following article by my friend and colleague Steve Hartnett on this important issue. Basics of Estate Planning: Privacy and Estate Planning If you have any questions about this topic, we can help. … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
Basics of Estate Planning: IRAs
IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read the following article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney. Basics of Estate Planning: IRAs If you need assistance with IRA planning, we can help. … [Read more...] about Basics of Estate Planning: IRAs
Basics of Estate Planning: Powers of Appointment – Part 2
Trusts can be very flexible instruments. One of the ways to add flexibility is by using powers of appointment. In Part 2 of his blog, my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, continues his examination of the different types of powers of appointment and how that can impact taxation. Basics of Estate Planning: Powers of Appointment – Part 2 If you need assistance with a power of attorney issue, we can help. … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2
Basics of Estate Planning: Powers of Appointment – Part 1
Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust. The following article by my friend and colleague Steve Hartnett, an experienced and qualified estate planning attorney, examines the tax consequences of powers of appointment. Basics of Estate Planning: Powers of Appointment – Part 1 If you have questions about powers of appointment, … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1
No Charitable Deduction in 2018?
The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article by my friend and colleague Steve Hartness examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release … [Read more...] about No Charitable Deduction in 2018?
