If you are/were the beneficiary of an IRA or a qualified defined contribution plan participant that was owned by someone that has died, there are new rules and regulations that must be kept in mind. Gone are the days that you could stretch out the distribution for an extended period of time – now, the […]
It seems like every day we receive pleas from charities to make donations for their cause. Some we recognize; others, well, you may never have heard from them before. Especially with the topsy-turvy world we have been experiencing with Covid-19, most legitimate charities have noticed a decline in contributions. It is sad for those legitimate […]
An occasion – birthday, religious holiday, cultural holiday – is in the near future and you are thinking of gifts that you can give to others. We surf the internet, go to stores, think of that “perfect” gift, or even perhaps just give in to gift cards, but have you considered giving a gift from […]
As we near the end of the year (it will be here before we know it), you may be thinking about donations to charities. But, then you remember you don’t itemize deductions on your income taxes, so does it really matter when you make your charitable donation? Last year, there was a deduction of up […]
Do you think that there are no holiday gifts when it comes to income taxes? If you said no, then read on. I know that I did a similar blog, but this will provide a reminder as we near the end of the year if you haven’t already made donations. For this year, 2020, there […]
Let’s face it – there is always a family member who causes concern, disappointments or heartache. Embarrassing, isn’t it? But you are getting ready to do your estate planning or thought you had it done until something comes up that causes you to think about the situation. So, what do you do? How do you […]
With the Tax Cuts and Jobs Act of 2017, the increased gift and estate tax exclusion amounts are set to sunset in 2025. The exclusions are $11.2 million in 2018 and will increase each year until 2025, indexed for inflation. But, what will happen if you make a large gift now? Will you risk the […]
TIS the season of giving and as we near year end, we think of giving gifts not only to those we love, but also to our favorite charities. You itemize deductions and you want to use the donations to reduce your income tax. But IS that donation deductible? Are you aware that only donations to […]
Older adults are often concerned with preserving their homes from long term care costs. For many years, the solution has been to transfer their homes to one or more of their children. Doing so can be perilous for a number of practical reasons including the impact upon property in the event one of these children […]
As wealth accumulates in this country and our population continues to age, the propriety of lifetime giving has increased. Gifts can be made out of sheer benevolence, but are also important in minimizing death taxes and long term care costs. This blog will review some of the key concepts involved in lifetime giving. Gifts can […]
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