Tag: trust

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...

SR Video Client Question: “What are the benefits of year-round tax planning?”

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SR Client Question: Can adding my child to our Michigan home’s title prevent the property tax value from uncapping when I pass?

If you add your child as a co-owner of real property, he or she won’t get a full step up in basis when it is sold after your passing. Also, there is a risk of re-assessment for real estate taxes...

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...

Why hiring an expert for trust and estate planning is critical

A recent blog post from the AICPA highlights the importance of estate planning with the story of superstar, Prince, who left no will or estate plan for his $250 million fortune. Although it’s been more than a year, the court...

The importance of trust and estate planning

In a recent Caring.com study, 58% of American adults admitted to not having a will or trust in place. If you’re one of them, the time is now to start planning. While mortality is a tough topic to discuss, it’s...

SR Client Question: What should I know about the Uniform Transfers to Minors Act?

UTMA (Uniform Transfers To Minors Act) replaced UGMA (Uniform Gifts To Minors act). In addition to gifts of securities, life insurance policies, annuities and cash, the new act also provides for gifts of other property interest, real property and titled...

Consider a recent case where a husband and wife created two revocable trusts for estate planning purposes, naming the husband as trustee of both. Upon the first spouse's death (her), the assets of her revocable trust were to be divided...

Tax season perfect time to review estate and trust plans

ShindelRock clients may have noticed an extra item in their tax preparation packet from us this season: an estate and trust worksheet.  We're reminding our clients to consider estate planning in 2014 if they haven't already, and if they have...

SR Client Question: What should I consider when I begin estate planning?

Initiating the estate planning process is a big step, one too many people avoid for too long.  Regardless of your assets or life stage, everyone should undergo an end-of-life planning exercise, primarily through creation of an estate or trust. Customizing...