Estate Planning

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.

Owning and Selling C Corporations vs. S Corporations by David E. Kolan, CPA

Posted on May 18, 2022 by David Kolan

The pandemic has spurred a tsunami of entrepreneurial new businesses. According to the U.S. Census Bureau, a record 5.4 million new business applications were filed in 2021, compared to 4.4. million in 2020 compared to 3.5 million before the pandemic in 2019. Whether these ventures will prove successful remains to be seen, but each one […]

Podcast – BPB Knows Foreign Trusts

Posted on April 21, 2022 by Arthur Dichter

In this episode Director of International Tax Services Art Dichter explains when foreign trusts are useful and how they play into tax planning.

Podcast – BPB Knows Business Valuations

Posted on April 07, 2022 by Scott Bouchner

In this episode Director of Forensic and Advisory Services Scott Bouchner explains business valuations, when they are useful and how to get started.

Trusts Are Running Out of Time to Reduce 2021 Tax Liabilities by Rick Bazzani, CPA

Posted on February 28, 2022 by Rick Bazzani

Under the IRS’s 65-day rule, estates and certain complex trusts still have some time to reduce their income-tax liabilities for 2021, but immediate action is required. Calendar year-end trusts have until Sunday, March 6, to distribute trust income to beneficiaries and treat those payments as if they occurred in 2021. Doing so not only reduces […]

It is NOT Defective if it is Intentionally a Grantor Trust by Jeffrey M. Mutnik, CPA/PFS

Posted on February 23, 2022 by Jeffrey Mutnik

When establishing a trust, grantors must take special care to ensure trust documents clearly communicate how they intend the trust and its assets be treated for income-tax purposes. While there are a variety of different types of trusts with assorted names and features to meet an equally broad range of needs and goals, one of […]

It’s Not Too Early to Start Planning for January 2022 Gifts by Jeffrey M. Mutnik, CPA/PFS

Posted on December 16, 2021 by Jeffrey Mutnik

The IRS recently released the inflation-adjusted estate and gift exemptions for 2022, which provide families with enhanced opportunities to transfer significantly more assets to younger generations tax-free. However, families must consider these adjustments within the context of potential tax reform in the year ahead. For tax year 2022, the lifetime estate-tax exemption jumps $360,000 to […]

Category: Estate Planning