As another tax season closes, it’s a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and … [Read more...] about The IRS’ Annual Warning: The 2023 Dirty Dozen
The Joy in Joint Trusts
Joint trusts offer clients many benefits both during life and after death. Those with joint trusts need to understand the limitations inherent in the trust and the importance of seeking qualified … [Read more...] about The Joy in Joint Trusts
How Tax and Non-Tax Considerations Impact Estate Planning – Part II
People often believe that Estate Planning is a “simple” process designed only for those whose estates will exceed the Applicable Exclusion Amount of $12.92 million in 2023. That myopic view causes … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part II
How Tax and Non-Tax Considerations Impact Estate Planning – Part I
Estate planning often focuses on taxes at the federal level and often overlooks issues that occur at the state level. For anyone desiring to undertake comprehensive estate planning, it’s important to … [Read more...] about How Tax and Non-Tax Considerations Impact Estate Planning – Part I
The Lessons from Lisa Marie
Regular readers of this blog often see articles regarding the latest celebrity whose death created a mess because their Estate Plan failed to properly protect the celebrity’s family and loved ones. It … [Read more...] about The Lessons from Lisa Marie
What Happens When You Don’t Trust Your Trustee – Part II
Trusts have become ubiquitous parts of estate plans. Many Estate Plans use revocable trusts as the foundation for the plan while others include irrevocable trusts. Regardless of the planning reason, … [Read more...] about What Happens When You Don’t Trust Your Trustee – Part II
Show Your Love by Creating an Estate Plan
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a … [Read more...] about Show Your Love by Creating an Estate Plan
Lessons from Patagonia
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, … [Read more...] about Lessons from Patagonia
Planning for the “Silver Tsunami”
As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help … [Read more...] about Planning for the “Silver Tsunami”
Discharge of Indebtedness Income and Student Loan Forgiveness
While many taxpayers may be excited about the prospect of reduced loan balances as part of Biden’s Loan Forgiveness Program, they may have questions about the potential tax consequences of that … [Read more...] about Discharge of Indebtedness Income and Student Loan Forgiveness