The Treasury Department recently announced that certain taxpayers will have an extra three months to pay income taxes that would otherwise be due on April 15, 2020, for the tax year 2019. This extension of time to pay is solely for … Continue reading
We are approaching the end of 2016, and attention should now turn to, what else, year-end income tax planning. The end of the year should be used to review your tax situation and determine what, if anything, can be done … Continue reading
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Congress recently passed the “Tax Increase Prevention Act of 2014,” which the President has signed. The Act extends numerous tax breaks that had expired for tax year 2014 and makes these tax breaks retroactive to January 1, 2014. These extenders … Continue reading
The topic of gifting assets is often an important discussion in the world of estate planning. Generally, a main point of gifting is to remove assets from the estate of the donor to avoid potential estate taxes on the asset. … Continue reading
Posted in Estate Planning, Estate Taxes, Gifting, Trusts, Wills
Tagged capital gains, Estate Tax, estate tax planning, Federal Estate Gift Tax, Gifting, lifetime gift, Tax Planning
Recently the U.S. Supreme Court issued a ruling related to whether creditors could reach an inherited IRA. Many individuals assumed that all IRAs were protected from creditors; however, the Supreme Court disagreed under federal bankruptcy law. The issue arose when … Continue reading