Insights: Estate Planning Services
Estate Planning with Minor Dependents
By Elaine Dougherty, CPA Married and unmarried couples with minor children need to think about their plans for their children’s care if the unthinkable happens. An estate plan can help map out your wishes if one or both guardians pass away. Having the proper legal documents will ensure that your wishes are followed. These documents…
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Documents That Should Be Part of Your Estate Plan
People believe that having an estate plan is simply having a will or your assets in a trust. However, there is much more to an estate plan to ensure that your assets are transferred to your heirs upon your death. There are specific estate planning documents that every estate plan should have, and there are…
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The Tax Mechanics Involved in the Sale of Trade or Business Property
There are many rules that can potentially apply to the sale of business property. Thus, to simplify the discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held…
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Thinking about converting your home into a rental property?
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a…
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Who Should Be On Your Estate Planning Team?
A comprehensive estate planning process is accomplished by a team of professionals performing different roles. Therefore, you must have confidence in your team and open communication between all members and you. A typical team includes the following list of professionals. However, the size of your estate and the type of assets you own will…
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Establish a Tax-Favored Retirement Plan
If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for…
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There Still May Be Time to Cut Your Tax Bill With an IRA
If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…
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Who Needs An Estate Plan? Everyone!
First, what is an estate plan? An estate plan clarifies a person’s wishes and can help reduce the cost and time of administering the estate. You might think, I am just starting and beginning life, I do not need an estate plan, or maybe you think you will pass your business down to your children…
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Gift tax annual exclusion: plan ahead for year-end gifts
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the gift tax annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any…
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M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to Refinitiv, a provider of financial data. It reports that 2021 is set to be the biggest in M&A history, with the United States accounting for $2.14 trillion worth of transactions already this year.…
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