Category: Trust and Estate

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...

Selling your home to a related party?

Most transfers of property, or property interest without adequate consideration are deemed a gift. This would include a below-market sale of a home, which frequently happens when selling to a related party. The difference between the fair market value and the...

What happens to tax basis upon death?

Upon death, the decedent’s estate is required to report as tax basis for estate tax purposes the fair market values of all applicable assets—either the values at date-of-death, or at the alternate valuation date, if elected. If the value of...

Inheritance or gifts from foreign persons may require Form 3520 reporting

Although a gift or inheritance doesn’t generate any U.S. income tax reporting, it may generate other filing responsibilities for the recipient. As related to inheritances and gifts from foreign persons to a U.S. citizen or U.S. resident, Form 3520 (Annual...

Understanding the key elements of the SECURE Act

Recently signed into law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act is landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the...

SECURE Act and estate tax clawback could affect inherited money

A recent MarketWatch article highlighted two recent tax initiatives that could affect the wealthy. The SECURE Act would eliminate big tax advantage for IRA beneficiaries. Few noticed when the House of Representatives in May overwhelming passed the imaginatively named “Setting...

Guest Author Monica Yost: Estate sales becoming more attractive thanks to tax law changes

As part of the Tax Cuts and Jobs Act (TCJA), the standard deduction has increased to $12,200 for individuals, $18,350 for heads of household, and $24,400 for married couples filing jointly and surviving spouses in 2019. This means that many of us can no longer take advantage...

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 proposes higher estate and gift tax exemption

According to a recent article from Bloomberg, the IRS has proposed a potential benefit for wealthy taxpayers, saying that individuals who give lots of gifts to their heirs under a generous but temporary provision of the 2017 Republican tax overhaul...

IRS issues final regulations under section 199A (20% deduction)

The U.S. Department of the Treasury has issued final regulations and other guidance on a substantial provision of the Tax Cuts and Jobs Act, which allows owners of sole proprietorships, partnerships, trusts, and S corporations to deduct up to 20...