Wednesday, December 13, 2017

Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves

As 2017 winds down, it's time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be enacted. Even if all goes according to the GOP timeline, the changes generally won't take […]

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IRS Increases Annual Gift Tax Exclusion for 2018

  The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point ever. Section 529 Plans: Make Five Years of Gifts in a Year Normally, a gift made directly […]

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Wednesday, November 15, 2017

Important Documents Related to Final Distribution of a Trust Estate

Important Documents Related to Final Distribution of a Trust Estate NOTICE OF PROPOSED ACTION In the course of settling a Trust estate, the Trustee may need to make a significant decision that might affect the interests or desires of the beneficiaries.  The most common decision would be to sell a piece of property or borrow […]

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Friday, October 27, 2017

2018 IRS Estate and Gift Tax Inflation Adjustments

The IRS has announced the 2018 inflation adjustments for many tax provisions, including exemptions for estate, gift and generation-skipping transfer taxes and the annual exclusion amount for gifts. The 2018 estate and gift tax “exemption” will be $5,600,000, up from $5,490,000 for 2017. This is the total amount that can pass free from estate tax […]

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Tuesday, October 24, 2017

Issues Regarding Valuation of Cash and Non-Cash Assets in Estate Planning

Valuation of Cash or Financial Assets Valuation of Cash or Financial Assets is determined by providing an independent statement such as from a Bank, Brokerage, Insurance Company or other financial institution. Valuation of Tangible Personal Property In general, if the value of any item of Tangible Personal Property exceeds $5,000 then, a value must be […]

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Wednesday, October 18, 2017

Protect Your Company from Immigration Infractions

More than three decades have elapsed since the Immigration Reform and Control Act (IRCA) began requiring employers to complete I-9 forms when hiring to verify a new employee's identity and authorization to work in the United States. Given the recent focus on illegal immigration, there's a good chance that immigration enforcement efforts at the employer level […]

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Report Warns Retirees about Potential Downsides of Reverse Mortgages

Reverse mortgages have been around for years. But they're getting a new spin: Some senior homeowners are tapping into their home equity to “bridge the gap” until the time they're ready to apply for Social Security benefits. However, an independent consumer agency — the Consumer Financial Protection Bureau (CFPB) — is cautioning retirees against using this […]

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