2023 Inflation Adjustments for Estate and Gift Tax
The IRS recently announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions as detailed in Revenue Procedure 2022-38. Included in the list of tax changes are increases for estate and gift tax exemptions, providing additional tax planning opportunities for the new year. Unified Credit Against Estate & Gift Tax For […]
Advanced Wealth Transfer Planning
Keep Your Money In The Right Hands A well-crafted wealth transfer and estate plan can help you implement your vision for the future and create benefits for the people and causes that matter most to you. There are three places your assets can end up after your death: taxes, charity, or to loved ones as […]
Rental Real Estate Business or Investment
Rental real estate – Determining if a property is a business or an investment If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill. The distinction is especially important because of the 20% Section 199A deduction for certain sole […]
Recent Tax Proposals Impacting Individuals and Estates
Recent Tax Proposals Impacting Individuals and Estates On September 13, 2021, The House Ways and Means Committee released proposed legislation including, among other changes, major revisions to taxation of individuals and estates. The following is a summary of the most relevant items that could affect our clients and friends. Keep in mind that these are […]
New Rules for Electing Residential Rental Property Owner
On December 27, 2020, former President Trump signed the Consolidated Appropriations Act (CAA) This bill contains tax provisions affecting many industries, including the real estate industry, and also provides for a technical amendment under the 2017 Tax Cuts and Jobs Act (TCJA) for residential rental businesses that made the Real Property Trade or Business (RPTB) […]
Client Memo – Estate Beneficiary
Buy-Sell Agreement
If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners ’interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and […]
Dynasty Trust
The Tax Cuts and Jobs Act (TCJA) signed into law this past December affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes For the estates of persons dying and gifts made after December 31, 2017 and before January […]
