Estate Planning

7 Facts to Know about the Adoption Tax Credit by Joanie Stein, CPA

Posted on January 21, 2023 by Joanie Stein

Growing one’s family through adoption provides prospective parents with an opportunity to experience the joys of raising children and providing them with loving and permanent homes. While the process can be costly, the federal government offers a tax credit to help families offset some of those expenses and reduce their federal tax liabilities. Families may […]

Podcast – BPB Knows the Role of Trustees in an Estate Plan

Posted on January 05, 2023 by Sarah Gaymon

In this episode, Associate Director of Wealth and Tax Services Sarah Gaymon explains the importance of carefully selecting a trustee.

IRS Announces Inflation-Adjusted Individual Tax Rates for 2023 by Jeffrey M. Mutnik, CPA/PFS

Posted on December 12, 2022 by Jeffrey Mutnik

The IRS has released the annual cost-of-living adjustments to various provisions of the tax code for 2023, noting that some of the changes are significant due to persistently high inflation. For some taxpayers, these adjustments will result in higher take-home pay, larger credits and deductions, and the ability to protect more assets from the federal […]

Year-End Tax Planning Amid Economic Uncertainty by Tony Gutierrez, CPA

Posted on November 29, 2022 by Anthony Gutierrez

Once again, year-end tax planning is complicated by an uncertain economic landscape. Despite a year of strong job growth and consumer spending, persistent inflation, rising interest rates and market volatility have stoked fears of an impending recession. On the political front, the November mid-term elections have left the country with a divided Congress that will […]

Can Foreign Investors be in the U.S. without Being Here for Income Tax Purposes? by Joel G. Young, JD, LLM

Posted on November 08, 2022 by Joel Young

A fragile global economy and political uncertainty continue to fuel the United States’ status as the world’s most attractive location for foreign investment. However, investors chasing positive returns, high yields and portfolio diversification often face a tricky U.S. tax system that may provide tax-savings opportunities in some instances and costly income-tax traps in others. Contrary […]

Pre-Immigration Planning: Understanding U.S. Income Tax Residency Status by Pedro L. Porras, CPA

Posted on October 13, 2022 by Pedro Porras

Immigrations laws in the U.S. differ from the country’s tax laws, which require individuals to report and pay federal income tax based upon the government’s classification of their residency status. While it is not uncommon for someone to live in the U.S. without establishing residency for tax purposes, it is important to recognize when this […]

Remember Your Pets in Your Estate Plan by Sarah Gaymon, CPA

Posted on September 27, 2022 by Sarah Gaymon

In 2007, multi-millionaire hotelier Leona Helmsley made headlines when she passed away leaving $12 million to her dog Trouble. Today, it is commonplace for pet owners to specify in their wills how they wish their furry friends to be cared for financially and physically long after they are gone. In fact, all U.S. states and […]

IRS Clarifies Rules for Withdrawals from Inherited IRAs by Joanie Stein, CPA

Posted on September 13, 2022 by Joanie Stein

The 2019 passage of the SECURE Act ushered in a new rule requiring certain beneficiaries of inherited individual retirement accounts (IRAs) to empty those accounts and pay the taxes due within 10 years of an original owner’s death. While the law made it clear that non-spouse beneficiaries cannot stretch out withdrawals from inherited accounts over […]

The Rewards and Risks of Investing in Master Limited Partnerships, by Jeffrey M. Mutnik, CPA/PFS

Posted on August 11, 2022 by Jeffrey Mutnik

Master limited partnerships (MLPs) are publicly traded businesses that usually make periodic distributions of their tax-advantaged income to the limited partner owners to avoid corporate taxes. Most often they operate in the traditionally stable energy and natural resource industries, which provide partners with a steady income stream and predictable returns. In fact, as of July […]

Podcast – BPB Knows Estate Planning

Posted on May 19, 2022 by Jeffrey Mutnik

In this episode Director of Tax Services Jeff Mutnik explains when someone needs an estate plan and the potential tax and legacy value in creating a plan, including avoiding probate and trusts you can control before and after death.

Category: Estate Planning