The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes … [Read more...]
How Estate Planning for a Family May Trap the Unwary Practitioner
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued. Read on to learn more. … [Read more...]
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application. Read on to learn more. … [Read more...]
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...]
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax deduction to benefit from a charitable income tax deduction. Read on to learn more. … [Read more...]
