When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...] about A Special Option for Special Kids
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 examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the … [Read more...] about No Charitable Deduction in 2018?
Trusts can be very flexible instruments. One of the ways to add flexibility is by using powers of appointment. This article will examine the different types of powers of appointment and how that can impact taxation. Basics of Estate Planning: Powers of Appointment – Part 2 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2
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. An upcoming article will examine the tax consequences of powers of appointment. Basics of Estate Planning: Powers of Appointment – Part 1 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1
IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read this article to find out more. Basics of Estate Planning: IRAs … [Read more...] about Basics of Estate Planning: IRAs
Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read on to find out more. Basics of Estate Planning: Privacy and Estate Planning … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
People often procrastinate when it comes to estate planning, and the root cause of this failure to act in many instances is the simple fact that they don't know where to begin. This is understandable to a certain extent, but each day that you go through life without an estate plan you are putting the well-being of those that you love at risk. And, you are also putting yourself at personal risk because there are certain eventualities of aging that should be prepared for in advance. If you are … [Read more...] about Download Your Free Estate Planning Report
Each family is unique, and as a result estate planning is not a cookie-cutter affair. On the one hand there is the matter of preparing your assets for eventual distribution. The best way to proceed will vary on a case-by-case basis. Some people have complicated financial situations that require advanced estate planning techniques and the implementation of tax efficiency strategies. Others have simpler situations, and there is an ideal solution for every family. Positioning your resources … [Read more...] about Planning for Family Members With Special Needs
When you place assets into a trust such as a revocable living trust you can act as both the trustee and the beneficiary if you choose to do so. Because you have control of the funds creditors could possibly seek to attach resources placed into the trust, so these vehicles do not provide any asset protection. In light of the above, is it in any way possible to benefit personally from resources placed into a trust while enjoying asset protection? The answer is yes. This can be done through the … [Read more...] about What Is An Alaska Trust?
The Federal estate tax is something to be aware of when you are planning ahead for the inevitable. There is an exemption, but once you exceed it you are looking at an extraordinary rate of taxation. As of this writing the exclusion is $5.12 million and the maximum rate is 35%. Next year the rate goes up to 55% while the exclusion goes down to $1 million. You have to make sure you include all of your assets when you are evaluating your potential exposure. With this in mind you would do well to … [Read more...] about ILIT Three Year Rule