How the GOP tax bill will affect your will and what you leave to your spouse-REVIEW YOUR ESTATE PLAN NOW

  If you expect to pass on millions of dollars to your spouse and kids, and re-evaluating your estate plan isn’t on the front burner, maybe this will light a fire under you. Depending on how your will is worded, your spouse could end up with a smaller portion of your estate than you intended due to the new estate-tax rules, says Brad Dillon, a senior wealth planner at the New York office of Brown Brothers Harriman. Here’s why: For … Continued

The down and dirty on the new tax rules and estate planning | Accounting Today

Ever since the passage of the Tax Cuts and Jobs Act in December, the headlines have been buzzing about the resulting income tax consequences for individuals and businesses, but what about the intersection of the Act and estate planning? After all, nothing is more certain than death and taxes. Under the Act, the estate, gift and generation-skipping transfer taxes remain in effect with double the unified federal gift and estate tax exemption and the GST tax exemption (from $5 million … Continued

New law changes tax treatment of sexual harassment settlements

  In the past, companies might not have been excited to pay settlements and legal bills stemming from sexual harassment cases, but it was a way to keep the allegations quiet, and the settlement pay out as well as the legal bills were tax deductible. Considered “business expenses,” companies could recoup at least some of their costs by taking the deduction. The new tax bill that took effect on January 1, 2018 has changed all that. Under the new law, … Continued

Your estate plan needs an update, even if it is new

  Got a dusty old binder with your will and estate plan? Even if you had your paperwork set up a few years ago, all of your documents are now out of date, thanks to new tax laws that went into effect at the turn of the year. “Blow the dust off and see if it’s even needed anymore,” said certified financial planner Leon LaBrecque, who is also a tax attorney, a certified public accountant and a chartered financial analyst … Continued