Tax / Estate & Wealth Planning
Showing 1601–1616 of 2177 results
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The marriage penalty
July 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 543
Abstract: The marriage penalty occurs under the current tax system when a married couple pays more federal income tax when filing jointly than they would if they had remained single and each filed as an individual taxpayer. Historically, Congress has taken steps and passed legislation to provide relief from the marriage penalty. However, the 2010 Affordable Care Act and the American Taxpayer Relief Act of 2012 (ATRA) increased the marriage penalty for some high-income couples. This article takes a look at how this legislation adversely impacts married taxpayers.
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Estate Planning Pitfall – You’re using a prepaid funeral plan
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 315
Abstract: To relieve their families of the burden of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans are fraught with potential traps. Some plans end up costing more than the benefits they pay out. And there may be a risk of losing the investment if the funeral provider goes out of business or one’s plans change. Some states offer protection, but many do not. This article offers several questions that a potential purchaser should ask.
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Shipping your trust over the state line to realize tax savings
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 582
Abstract: It’s not uncommon for families to relocate to another state to enjoy lower state income taxes. But trusts can follow a similar strategy. This article takes a closer look at how to change a trust’s residence, or “situs,” to a state with lower (or no) income taxes, explaining the different tax treatment accorded to revocable trusts vs. irrevocable “grantor” trusts.
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Estate planning for adopted children and stepchildren
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 723
Abstract: For those who have adopted children or unadopted stepchildren, estate planning is critical to ensure that their property is distributed the way they desire. For those who are unmarried and in a long-term relationship with someone who has biological or adopted children, planning may be particularly important. This article discusses estate planning in an environment where laws vary regarding intestate succession, family realignments, and equitable adoption.
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New 3.8% Medicare contribution tax – Do you know how to reduce or eliminate your liability?
June / July 2013
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 892
Abstract: One of the funding mechanisms for health care reform is a new 3.8% Medicare contribution tax on net investment income (NII) going into effect this year. The tax applies to higher-income individuals as well as to trusts and estates. This article describes who is subject to the tax and suggests strategies to soften the blow. A sidebar explains what does and does not constitute net investment income.
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Tax benefits for adoption expenses
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 245
Abstract: Taxpayers with certain eligible adoption expenses can benefit at tax time by claiming either a tax credit or, if their adoption expenses are reimbursed by their employer, an income exclusion for the reimbursement. The income exclusion is only available if their employer maintains an adoption assistance program. The credit and exclusion are subject to a dollar limitation and phaseout for taxpayers whose income exceeds certain thresholds. This article discusses the credit in regard to qualifying adoption-related expenses, including as they pertain to special-needs children.
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Selling a home to your child at a bargain price
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 571
Abstract: As part of an estate and gift planning strategy, a taxpayer may consider transferring ownership of a family home to an adult child. Note, however, that the tax implications of such transfers can be significant. As this article illustrates, it can produce great tax results for the parent, but it may produce less-than-great income tax results for the child if the home has appreciated significantly.
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Help grandchildren with college costs
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 250
Abstract: Contributing to a Section 529 college savings program is a great way for grandparents to help their grandchildren pay for college. It is also a great way to remove assets from the grandparent’s estate without paying estate tax. As an added feature, money in a 529 plan owned by a grandparent is not assessed by the federal financial aid formula when qualifying for student aid. This article offers an example of how the gift tax exclusion can reduce the taxability of a 529 plan contribution.
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Higher education costs continue to escalate
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 126
Abstract: The cost of attending college continues to increase. This one-paragraph article cites statistics from the College Board.
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Use a QDRO to divide qualified plan assets in divorce
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 537
Abstract: When qualified plan assets are divided in divorce, a qualified domestic relations order (QDRO) is critical. Without a QDRO, distributions from a qualified retirement plan to an ex-spouse are fully taxable to and not deductible by the first spouse. In contrast, distributions under a QDRO are taxed to the recipient when received by that person. This article examines the details.
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Tax Tips – Charitable deductions: Form over substance
May / June 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 400
Abstract: In this issue, “Tax Tips” takes a look at IRS substantiation requirements to support a charitable deduction; a simpler way of claiming a home office deduction; and why it can be beneficial to invest in qualified small business stock (QSBS) before the end of this year.
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Can you afford long-term care? Consider trading in a life insurance policy for LTC coverage
May / June 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 551
Abstract: One of the greatest threats to the financial security of one’s retirement as well as to the achievement of estate planning goals may be a nursing home stay or some other form of long-term care. And, while long-term care (LTC) insurance can be a great way to protect wealth against this risk, it can be expensive. One option for funding an LTC policy is to “trade in” a life insurance policy or annuity contract that’s no longer needed. This article examines what’s involved.
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Follow the rules when you refinance a home
May / June 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 656
Abstract: Refinancing a home may be a great idea when mortgage rates are low. But, while it’s smart to look for the best deal, it’s also wise to understand the tax consequences. This article looks at tax issues involving acquisition indebtedness, straight replacement vs. cash-out refinancing, and the amortization of points.
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It’s time for mid-year tax planning – ATRA offers businesses many opportunities
May / June 2013
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 921
Abstract: Under the recently enacted American Taxpayer Relief Act (ATRA), businesses have many tax-saving opportunities, some of which might not be available next year. ATRA provides other opportunities, as well. This article discusses depreciation and expensing; research credits; and setting up a nonqualified deferred compensation plan. (A sidebar notes the importance of meeting IRS timing requirements for such a plan.)
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Asset valuations and your estate plan go hand in hand
May / June 2013
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 347
Abstract: If an estate plan calls for making noncash gifts in trust or outright to beneficiaries, it’s important to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, it’s a good idea to have a qualified appraiser value the gifts at the time of the transfer. As this article explains, if the IRS deems a valuation to be “insufficient,” it can revalue the property and assess additional taxes and interest.
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Your credit score counts! Achieving and maintaining a solid one
May / June 2013
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 725
Abstract: A credit score is a reflection of one’s creditworthiness. With a high credit score, it’s possible to realize lower interest rates on mortgage or auto loans and credit cards. This article explains what constitutes a good score, how to obtain a free credit report, and how to boost a score — or, for those with no credit history, how to build one.