6 advanced estate planning strategies

With a new decade upon us and some significant changes to our tax code, there are a number of advanced estate planning strategies that can minimize income and estate taxes and provide asset protection. Leaving a legacy A family Limited Liability Company (or LLC) is often overlooked as an estate planning tool used to steward wealth transfers to multiple generations while minimizing estate taxes. An LLC is a business entity that provides asset protection and a more flexible tax and … Continued

Family Business Succession Planning Opportunities

  Any family business, however successful, will reach a day when ownership must change hands. A plan of succession for ownership of business interests ensures that the business will continue to operate with a minimum of disruption and can also provide tax benefits to the owner and the successor. The authors detail the various options available to business owners looking to establish succession plans, noting where CPAs can leverage their position as trusted advisors to assist clients with establishing such … Continued

With Tax Reform, Wealthy Clients Should Update Estate Plans

  Your high-net-worth clients need to look again at their estate plans. Wills and trusts set up before passage of the Tax Cuts and Jobs Act may not take into account that reform more than doubled the amount that can be exempted from estate taxes. For 2020, the estate tax exemption is $11.58 million for an individual, $23.16 million for a married couple. Many estate plans were created prior to tax reform, with different exemption numbers. “Clients need to review … Continued

Estate planning for the other 99%

  Estate planning has always included much more than simply strategizing about how to minimize estate taxes. Estate planning is needed to address a multitude of other nontax matters,including: Custody of minor children upon the death of their parents, as well as custody of their assets; Charitable goals and objectives; How assets will be administered for the benefit of a surviving spouse; Determination of which heirs will receive estate assets after the second death; Structuring of asset distributions to these … Continued

Beware, the IRS is eyeing your inherited money – MarketWatch

  One of the perils of being well-off is the constant risk that the federal government and/or your friendly state and local tax collectors will figure out new and different ways to snatch more of your wealth. Especially wealth that you earned the old-fashioned way: by inheriting it. To raise your paranoia to the appropriate level, here are two new things to worry about.   Beware, the IRS is eyeing your inherited money – MarketWatch