Estate Planning

Deadline Approaches to Take First Required Minimum Distribution from Retirement Plans for 2018 by Rick D. Bazzani, CPA

Posted on March 20, 2019 by Rick Bazzani

Taxpayers who turned 70½-years-old during the 2018 calendar year have until April 1, 2019, to take their first required minimum distributions (RMDs) from their individual retirement accounts (IRAs) and workplace retirement plans. In general, retired individuals age 70½ and older have a deadline of December 1 to take their annual RMDs from retirement savings accounts […]

To Give Or Not to Give Is No Longer A Taxing Issue by Jeffrey M. Mutnik, CPA/PFS

Posted on December 27, 2018

One of the welcome provisions contained in the Tax Cut and Jobs Act (TCJA) is a doubling of the estate, gift and generation-skipping transfer tax exemptions for the years 2018 through 2025. Nevertheless, on Jan. 1, 2026, the law calls for those amounts to roll back to their inflation-adjusted 2017 levels. Due to the temporary […]

Year-End Tax Planning Can Yield Significant Savings for Individuals and Businesses by Jeffrey M. Mutnik, CPA/PFS

Posted on November 12, 2017

As 2017 draws to a close, the future of tax and regulatory reform hangs in the balance. The House of Representatives just passed a budget resolution that includes allusions to major modifications to the tax rules, but details are scant. Despite this current environment of uncertainty, the end of the year remains a critical time […]

The Tax Implications of Divorce and Separation by Joanie B. Stein, CPA

Posted on October 30, 2017 by Joanie Stein

Among the many financial and emotional issues that couples will encounter on their road to a divorce are the implications that a final dissolution of marriage will have on their taxes. Following are some important tax-related issues for separated and divorcing couples to keep in mind. Tax Filing Status Legally separated and divorced couples have […]

Where you Die Could Cost you and your Heirs a Pretty Penny by Jeffrey M. Mutnik, CPA/PFS

Posted on July 17, 2017

High-net-worth U.S. taxpayers who live in certain states have more worries than the federal estate tax taking a bite out of their wealth. The residents in 14 states and the District of Columbia are also subject to estate taxes at the state level, while another six states impose an inheritance tax on assets bequeathed to […]

Surviving Spouses have More Time, Less Complex Method for Electing Portability of a Deceased Spouse’s Unused Estate Tax Exemptions by Jack Winter, CPA/PFS

Posted on July 11, 2017 by Jack Winter

The IRS recently issued guidance that provides widows and widowers with an easier and less costly method to transfer a deceased spouse’s unused estate and gift tax exclusion to themselves. Making this portability election essentially allows surviving spouses to protect double the amount of assets from federal estate and gift tax liabilities during their […]

Category: Estate Planning