Category: Estate Planning

Estate Planning

Nonprofits, Private Foundations Face a Looming Tax-Filing Deadline by Adam Cohen, CPA

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Posted on March 05, 2024 by Adam Cohen

The clock is ticking for nonprofit entities, including private foundations, to file annual returns on Form 990 before the May 15 deadline for calendar-year filers. Failure to file or request an automatic six-month extension can jeopardize an organization’s tax-exempt status and result in significant penalties. IRS series Forms 990 are informational documents that most non-profits […]

Family Offices Help Quarterback a Variety of Wealth Management Functions by Heath Standorf, CPA

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Posted on February 26, 2024 by Heath Standorf

Beginning in the 19th century, some of the U.S.’s wealthiest industrialists quietly abandoned Wall Street banks to hire their own teams of experts to discreetly manage, preserve and grow their business operations and family wealth for future generations. Today, these family offices have moved beyond the shadows of the Rockefellers, Morgans and Vanderbilts and expanded […]

Florida Law Makes Spousal Lifetime Access Trusts More Attractive Estate Planning Option by Rachel Kenney Rego, CPA

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Posted on October 25, 2023 by Rachel Kenney Rego

In 2022, lawmakers amended Florida Statute Section 736.0505(3), giving new life to Spousal Limited Access Trusts (SLATs) and the unique estate planning benefits they provide to families within the state. SLATs enable one spouse to create and fund irrevocable trusts during their lifetime for the benefit of a surviving spouse and future generations. The grantor […]

How to Protect Art Collections from Gift and Estate Tax Exposure by Lewis Kevelson, CPA

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Posted on October 03, 2023 by Lewis Kevelson

According to a recent study by Art Basel and UBS, global art sales in 2022 exceeded pre-pandemic levels, reaching $67.8 billion in transactions. Buyers, ranging from high-end collectors to Gen Xers and Millennials, increasingly recognize art’s value as an alternative investment in a fragile economic and geopolitical environment. However, as buyers grow their collections, they […]

IRS Delays RMD Rules for IRAs, 401(k)s…Again by Joanie B. Stein, CPA

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Posted on September 25, 2023 by Joanie Stein

In July 2023, IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. Beginning Age for RMDs In 2019, the president signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) that, […]

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