For many of our clients, the largest asset they own is their retirement account at the time of their death. This is so because retirement plan distributions are taxed when you take it out, so it is often the last money that is spent. So at death, it is often the largest asset our Continue reading
Category: Tax Law
April is Coming Soon!
It is almost time to file your Federal Income Taxes. The deadline for filing a 2021 federal tax return is April 18, 2022. Many of our clients hire tax professionals to assist with their tax returns. We always encourage our clients to seek qualified professionals to help. However, Continue reading
3 Reasons to Update Your Estate Plan
You’ve worked hard to build your wealth and a strong estate plan is a great way to ensure that the people you love are taken care of after you pass. Even if you have taken the time to create an estate plan, it is important to note that trusts and wills should be updated throughout Continue reading
Life Insurance and Seniors
Do you have life insurance? Do you know how much it will cover? If not, then you’re not alone. Many seniors are unaware of the coverage that their life insurance policy provides or are uninformed about how to calculate what they need. The good news is that there’s no better time than Continue reading
How to Plan for Estate Tax Changes
Recently, the federal estate tax has been popping up in headlines. While not usually subject to such buzz, the federal estate tax can have important implications for many Americans. Did you know that there are proposed changes that would significantly reduce the federal estate Continue reading
Understanding the Home Sale Tax Exclusion
Are you considering selling your home? If so, it can be important to understand the home sale tax exclusion so you can take steps to help make sure you qualify for the tax benefit, even if it means adjusting your plans by a few months. The amount of the exclusion differs if you Continue reading
Estate Planning Tips When You Near the Tax Limits
Did you know that the estate tax exemption, currently set at $11.7 million for singles and $23.4 million for married couples, is set to expire in 2026? The current administration, however, has signaled a desire to reduce the exemption, though no one knows exactly when that might Continue reading
Living in Different States Could Help Married Couples Reduce Their Taxes
When it comes to estate planning, creative customized strategies often yield optimal returns. One such strategy applies to married couples and considers the question: Are taxes a reason not to live with your spouse? It may seem absurd but consider the benefits.
For married couples Continue reading
4 Things You Need to Know About the New Tax Law
The Tax Cuts and Jobs Act went into effect earlier this year. This new tax law brings significant changes to our taxes in 2019. Since the implementation of the tax bill there have been numerous articles and news reports on how the tax bill will change the tax structure for parents, Continue reading