Last-Minute Opportunities Before the New Tax Law Takes Effect

(Below is an article about last minute planning considerations in light of the new tax act written by my colleague Andreea Olteanu, JD of WealthCounsel.) With 2017 coming to an end and sweeping tax reform legislation (Act) having been signed into law, some last-minute opportunities should be considered while the current law still applies. There are steps that taxpayers can take before the Act takes…

Exciting New Opportunities under the Recently-Enacted Tax Cuts and Jobs Act

Congress has just passed, and President Trump is expected to sign the Tax Cuts and Jobs Act. Although continued study of the bill will undoubtedly reveal additional opportunities, I wanted to share some of the immediately available opportunities for your clients. Significant Changes to Business Taxation Every business owner must have his or her business ownership structure and tax status reviewed immediately. Relying on old…

Back From The Dead

Just in time for Halloween, the IRS has announced that the plan to put a stake through the heart of the estate and gift tax killer technique known as “discounting” is no more. As you may recall, I wrote a post last year alerting readers that a time-honored technique to minimize estate and gift taxes was at risk. The technique utilized the transferring FLP or…

How to Jumpstart Your Clients’ Year-End Planning

Don’t Wait Until the Busy Holiday Season As summer fades in the rear-view mirror, it’s a good time to give yourself a reality check: Clients never have enough time to meet for year-end planning during the busy holiday season (and you might not, either), which is why you should be proactive and meet with them now — even if it seems too early to do…

What if you don’t die?

Why Ignoring the Importance of Incapacity Planning Can Have Serious Consequences It’s a common misconception that all your efforts to create a comprehensive estate plan are focused on what happens after your death. Estate planning does not equate to death planning. There are several ways in which your estate plan can drastically impact you and your loved ones’ quality of life well before you pass…

Do you really need a trust?

Although many people equate “estate planning” with having a will, there are many advantages to having a trust as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself –…

Have You Considered a Dynasty Trust for Your Family’s Estate?

Why You Should Think Twice Before Ruling One Out When most people hear the term “dynasty trust,” they assume it’s something for only the wealthiest of families. However, dynasty trusts are not as out of reach as you might think, and can be used by many more families of a greater wealth spectrum than currently use them. Demystifying dynasty trusts Dynasty trusts keep your wealth…

How to Protect Your Child’s Inheritance from His or Her Untrustworthy Spouse

Parents who develop an estate plan often do so to provide for their heirs financially. Many want to make sure hard-earned assets, family heirlooms, or closely held businesses stay within the family. Indeed, a common question is what cost effective options are available to protect a children’s inheritance from a spouse in the event of untrustworthiness or divorce. Thankfully, there are many ways to structure…

3 Ways Your Trust Can Help a Loved One With Mental Illness

When a loved one suffers from a mental illness, one small comfort can be knowing that your trust can help take care of them through thick and thin. There are some ways this can happen, ranging from the funding of various types of treatment to providing structure and support during his or her times of greatest need. Let’s explore a few ways your trust can…

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