A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them.What Are 529 Plans and What Are Their Advantages? … [Read more...]
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives.What are UGMA and UTMA Accounts? … [Read more...]
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it.State Income Taxation … [Read more...]
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more.State Income Taxation of Nongrantor Trusts … [Read more...]
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read on to learn more about these proposals and whether they might impact you or your clients.New Tax Proposals … [Read more...]
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more.Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...]
What Is Family Business Succession Planning?
Once upon a time, small family businesses were the backbone of the American economy. Children learned trades and/or management skills from helping in the family business and it was assumed that one of those children would assume control of the business upon the retirement, disability, or death of the patriarch or matriarch of the family. After decades of decline, family businesses are rebounding once again in the United States. If you own a family business, protecting that business should … [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 examines a nongrantor trust and situations in which it might be useful.Nongrantor Trusts Can Be Very Useful in Certain Situations … [Read more...]
