Tag: estate planning
SR Glossary: Lady bird deed
A lady bird deed, or enhanced life estate deed, is a type of life estate deed that lets the owner maintain control of a property until their death, when the property automatically transfers to a beneficiary without going through probate. ...
Estate Planning Essentials
Estate issues are extremely important to your family should you pass away or become unable to function as you do today. To make sure your family is better prepared, take a look at the following checklist. If there are items...
Guest Author Jim Niedzinski, CFP®, AIF®: The Benefits of Donor-Advised Funds
Jim Niedzinski, Wealth Advisor from Planning Alternatives, shares how to save taxes on charitable donations and make giving easier with a donor-advised fund. Jim Niedzinski, CFP®, AIF® , Wealth Advisor at Planning Alternatives, discusses the benefits of Donor-Advised Funds Jim Niedzinski is in his 20th year as a wealth...
IRS provides guidance on using QTIP elections for reducing estate taxes
The IRS has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property (QTIP) election to reduce estate taxes. In Rev. Proc. 2016-49, the IRS removed a prohibition on utilizing a...
The benefits of using cost segregation in estate planning
This article originally appeared in The Tax Adviser. A critical estate planning area for tax professionals involves managing the step-up in basis on inherited assets for estate and income tax purposes after someone dies. The general rule for real estate is...
Make estate planning a top priority this summer
As Benjamin Franklin once said, “In this world nothing can be said to be certain, except death and taxes.” Estate planning may not be a top priority to many people. However, if ignored, your assets may end up in the...
Cost segregation in estate planning
One of the most effective ways to reduce the federal income tax burden on a recently deceased taxpayer’s estate is by conducting a cost-segregation study of the original pre-stepped-up basis of buildings the decedent held. This typically generates an immediate...