Tuesday, July 10, 2018

Definition of a “Grantor, Settlor, or Trustor” of a Trust

Definition of a “Grantor, Settlor, or Trustor” of a Trust These terms are often interchangeable. The Grantor, Settlor, or Trustor of a trust decides how the trust will operate, including: what property to include in the trust, who the beneficiaries will be and how beneficiaries will receive their inheritance. When the trust is revocable (i.e., […]

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Are you personally liable for an LLC?

Are you personally liable for an LLC? The LLC form of company ownership generally shields individual owners (known as members) from personal liability for the debts or obligations of the LLC.  Creditors of an LLC can normally only go after the assets of the LLC and not the member’s individually owned assets. Are you personally […]

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Sunday, July 8, 2018

Five Reasons to Update Your Estate Plan

Important Reasons to Review and Update Your Estate Plan Let’s assume you are among the approximately 30% of adults who have done the prudent thing and established your Estate Plan.  Perhaps you simply created a Will.  Have you had it professionally reviewed in recent years? Make sure your plan is still the most suitable for […]

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Thursday, June 14, 2018

New Law Eases the Individual Alternative Minimum Tax

Unfortunately, the Tax Cuts and Jobs Act (TCJA) retains the individual Alternative Minimum Tax (AMT). But there's a silver lining: The AMT rules now reduce the odds that you'll owe the AMT for 2018 through 2025. Plus, even if you're still in the AMT zone, you'll probably owe less AMT than you did under the old […]

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New Law Gives Eligible Pass-Through Businesses a Special Tax Break

Federal income tax rates for C corporations have been reduced to a flat 21%, starting in 2018 under the Tax Cuts and Jobs Act (TCJA). But what about pass-through businesses? Calculating the QBI Deduction: It's All Relative To illustrate how the qualified business income (QBI) deduction works, let's suppose you and your spouse file a joint […]

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Thursday, May 17, 2018

Capital Gains Rates Before and After the New Tax Law

Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you're not alone. Here's what you should know if you plan to sell long-term investments or expect to receive dividend payments from your investments. Old Rules Prior to the TCJA, individual taxpayers […]

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FAQs about Deducting Home Loan Interest under the New Tax Law

The Tax Cuts and Jobs Act (TCJA) changes the rules for deducting interest on home loans. Most homeowners will be unaffected because favorable grandfather provisions will keep the prior-law rules for home acquisition debt in place for them. Old Rules for Mortgage Interest Deductions Prior to the Tax Cuts and Jobs Act (TCJA), you could deduct […]

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