Estate Planning

Retirement Savers, Retirees Receive Penalty-Free Financial Relief Under CARES Act by Joanie B. Stein, CPA

Posted on March 30, 2020 by Joanie Stein

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) Act calls for the IRS to lift restrictions on certain retirement savings plans and enable taxpayers to access needed funds without incurring early-withdrawal penalties. Plans covered under this relief include 401(k)s, 403(a)s and 403 (b)s, and individual retirement accounts (IRAs). Specific guidance from the IRS on how […]

Now is a Good Time to Accelerate Estate Planning by Jeffrey M. Mutnik, CPA/PFS

Posted on March 16, 2020 by Jeffrey Mutnik

Global equity markets declined dramatically on March 12, as fear and uncertainty surrounding the novel coronavirus (COVID-19) pandemic continued to mount. U.S. stocks took their biggest single-day drop since 1987, bringing the country’s longest economic expansion in history to a screeching halt. Whether the financial damage to investors’ portfolios will continue is unknown. Yet, based […]

There’s Still Time in 2020 to Reduce Your 2019 Tax Bill by Jeffrey M. Mutnik, CPA/PFS

Posted on February 13, 2020 by Jeffrey Mutnik

Tax season has begun and, for the most part, your 2019 tax liabilities are already set in stone based on the income you earned and the actions you took before Jan. 1, 2020. However, depending on your unique circumstances, there are a few ways that you can still lower your tax bill for 2019 before […]

Tax-Efficient Planning Strategies for Art Collectors by Lewis Kevelson, CPA

Posted on January 09, 2020 by Lewis Kevelson

Art collectors who accumulate artwork over their lifetimes tend to have limited interest in selling any of the pieces in their collections, according to a recent study conducted by UBS. Instead, most collectors develop an emotional attachment to the artwork they acquire and prefer to display their collections in their homes for their own personal […]

How Will the SECURE Act Affect your Retirement Savings Plan? by Adam Slavin, CPA

Posted on January 07, 2020 by Adam Slavin

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law at the end of December to help more Americans prepare and plan for greater financial security during their retirement years. As the average life span increases, people need to save more of their income during their working years to improve […]

IRS Assures Taxpayers of Estate and Gift Tax Exclusions Through 2025 by Tony Gutierrez, CPA

Posted on December 13, 2019 by Anthony Gutierrez

The IRS issued final regulations confirming that taxpayers who take advantage of the increased gift and estate tax exemptions in effect temporarily under the new tax law until 2026 will not be subject to tax in later years when the generous provision is set to expire. The announcement allays fears that tax-free gifts made today […]

Considerations for Foreign Investors in U.S. Real Estate after Tax Reform by Ken Vitek, CPA

Posted on October 17, 2019 by Ken Vitek

U.S. real estate continued to attract foreign investors during the first half of 2019, thanks, in part, to a growing U.S. economy, low interest rates, and strong underlying fundamentals that support predictable cash flow and property appreciation. At the same time, the U.S. tax landscape has changed with the passage of the Tax Cuts and […]

The Challenge of Selecting a Trustee Who Will Carry Out Your Legacy by Richard A. Berkowitz, JD, CPA

Posted on October 10, 2019 by Richard Berkowitz

Naming a trustee to manage your assets and ensure your heirs are provided for in the same manner as you would have if you were alive is one of the most important decisions you will make when creating your estate plan. Unfortunately, it is also the one decision that fails to receive the attention and […]

Maximizing Donations to Foreign-Based Charities under Tax Reform UPDATED by Lewis Kevelson, CPA

Posted on October 08, 2019 by Lewis Kevelson

Donations that U.S. taxpayers make directly to foreign charities usually will not qualify for income tax deductions unless those charities are registered with the IRS as tax-exempt entities or there is relief available under a bilateral income tax treaty. In the rare instances when these conditions are met, the charitable deduction is available only to […]

EB-5 Visa Program is Alive and Well, But New Rules May Make it Harder to Use by Andrew Leonard, CPA

Posted on October 03, 2019 by Andrew Leonard

After 29 years, the U.S. government is making changes to its EB-5 visa program, which helps foreign citizens expedite U.S. residency in return for capital investment in commercial projects that create or preserve domestic jobs. Under new rules that go into effect on Nov. 21, 2019, it will become more expensive and more difficult for […]

Category: Estate Planning