Tax / Estate & Wealth Planning
Showing 1825–1840 of 2177 results
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Tax Tips – Return required even for tax-exempt gifts – IRS to eliminate “high-low” method? – Watch out for charities that lose their exemption
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 508
Abstract: This issue’s “Tax Tips” explains that a gift tax return must be filed for all gifts that exceed the annual gift tax exclusion, even if no tax is owed. It looks at IRS intentions to discontinue the “high-low” method as an alternative for substantiating business travel expenses. And donors who wish to take advantage of charitable deductions should watch out for charities that lose their exemption.
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Lending to or borrowing from your company the right way
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 626
Abstract: It’s not unusual for owners of closely held businesses to move money into and out of the company for various purposes, and there are significant tax advantages to characterizing these transactions as loans. But to enjoy those advantages, it’s necessary to treat advances and withdrawals as bona fide loans and document them as such. This article shows how to do so.
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Why jointly owned property may not be a good idea
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 760
Abstract: Many well-meaning parents think they can avoid estate planning by simply jointly owning their property with their children. But this may not be such a good idea. For one thing, the value of the gift will be counted toward the parents’ lifetime gift/estate tax exemption. For another, the heir may owe capital gains tax if the property is sold. The transfer could even lead to a denial of Medicaid benefits down the road. This article explores the pitfalls.
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Tax treatment of debt forgiveness – Watch out for tax bills delivered “COD”
November / December 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 970
Abstract: For many debtors receiving financial help, the initial feeling of relief is quickly replaced by surprise and confusion when they discover they owe taxes on cancellation-of-debt (COD) income. This article explains what qualifies as COD income, and what debts qualify as exceptions or exclusions. A sidebar explains how some COD income can be excluded under the Mortgage Forgiveness Debt Relief Act of 2007.
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Estate Planning Pitfall – You have a living trust but no will
October / November 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 224
Abstract: Many people mistakenly believe that if they have a living trust — also known as a revocable trust — they don’t need a will. After all, a primary purpose of a living trust is to avoid probate and ensure that one’s wealth is distributed quickly and efficiently after death. But even for those with a living trust, a will serves several important purposes, which this short article discusses.
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Charitable IRA rollover: A limited time offer
October / November 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 550
Abstract: Last year’s tax relief legislation extended several expiring tax breaks, including tax-free treatment of charitable IRA rollovers — formally called “qualified charitable distributions” — by taxpayers age 70½ or older. But taxpayers have only until the end of 2011 to take advantage of this break. This article discusses charitable IRA rollover requirements and the circumstances under which a rollover may (or may not) be advantageous.
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A trust that keeps on giving – Create a dynasty to make the most of today’s exemptions
October / November 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 880
Abstract: A dynasty trust can extend estate tax benefits for several generations, and perhaps indefinitely. It can protect wealth from gift, estate and generation-skipping transfer (GST) taxes and help leave a lasting legacy. And, with today’s higher lifetime gift and GST tax exemptions, a dynasty trust is all the more powerful. This article shows how a dynasty trust can be beneficial under particular scenarios, and how to enhance its benefits
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Keep future options open with powers of appointment
October / November 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 813
Abstract: A power of appointment is an important tool that gives an estate plan flexibility to react to changing situations, because it gives the “holder” of the power — often a beneficiary — the ability to decide how, when and to whom specified assets in a trust or estate will be distributed. This article explains the distinction between a general and limited power of appointment, along with the tax implications. A sidebar explains how a creator of an irrevocable trust can use a limited power to authorize a family member or other trusted person to transfer assets to the creator, as well as to the trust beneficiaries.
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Estate Planning Red Flag – You have an interest in or authority over a trust that holds foreign accounts
September / October 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 277
Abstract: During the last few years, the IRS has stepped up its enforcement of the Report of Foreign Bank and Financial Accounts (FBAR) rules. To discourage taxpayers from hiding foreign accounts, these rules require U.S. citizens, residents and entities to file annual returns disclosing financial interests in, or signature authority over, foreign bank and investment accounts with an aggregate value of more than $10,000. This article explains who is subject to FBAR reporting requirements and the kinds of interests that must be disclosed.
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Take care of a loved one who has special needs with an SNT
September / October 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 739
Abstract: Special needs trusts (SNTs) benefit children or other family members with a disability that requires extended-term care or that prevents them from being able to support themselves. This trust type can provide peace of mind that a loved one’s quality of life will be enhanced while not disqualifying him or her for Medicaid or Supplemental Security Income (SSI) benefits. This article examines what an SNT can and cannot pay for, and explains the language that it should contain to ensure it doesn’t disqualify the beneficiary from government benefits and will protect the assets against creditors’ claims.
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Shopping for tax savings – Relocating a trust to a tax-friendly state
September / October 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 625
Abstract: If a trust is subject to high state income taxes, it may be possible to change its residence — or “situs” — to a state with low or no income taxes. But not all trusts are the same — nor are state laws. This article explains which types of trusts may be good candidates for relocation, along with the factors that states use in determining a trust’s state of “residence” for tax purposes. It also discusses the steps involved in moving a trust.
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Pension payouts: What’s the best option?
September / October 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 929
Abstract: One tough decision that retirees face is choosing the best option for receiving payouts from a pension plan. Would a lump-sum payment be the best option, or would it be better to go with an annuity? If the latter, is it better to go with single life or joint life? What about combining a single-life pension payout with a life insurance policy? As this article explains, the answers depend on such factors as the beneficiary’s and spouse’s actuarial life expectancies, current health conditions and family medical histories, along with current financial needs and the possible desire to provide a spouse with a continuing source of current income. A sidebar shows how a breakeven analysis can assist the decision-making process.
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Tax Tips – Good news for gift card sellers- Watch out for audit red flags – Know the facts before you invest in municipal bonds
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 456
Abstract: This issue’s “Tax Tips” discusses IRS rulings regarding deferral of gift-card income; “red flags” that may trigger an IRS audit; and why municipal bonds touted as “tax-free” might not necessarily be so — and why, even if they are, it’s important to calculate the taxable equivalent yield to determine whether it’s a good deal.
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Want to defer tax? – Consider a Sec. 1031 exchange
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 812
Abstract: A Section 1031 exchange allows investors to defer the gain on real or personal property used in a business or held for investment if, instead of selling it, they exchange it solely for property of a “like kind.” Alternatively, a reverse exchange may be the answer for those who come across an ideal investment property that they’d like to trade into, but who have no time to sell an existing property. This article provides details, but also lists five potential traps investors should be wary of.
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Act now – QSBS offers gain without the pain
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 613
Abstract: Time is running out for a remarkable tax break for investors. If they invest in qualified small business stock (QSBS) by the end of 2011 and hold it for more than five years, they’ll be able to sell the stock tax-free. Lawmakers have proposed making this tax break permanent, but unless they act before year end, investors will need to move quickly to take advantage of it. This article describes the benefit of QSBS, but also warns about the complexities involved.
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How an intrafamily loan can help you transfer wealth
September / October 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 962
Abstract: Lending money to loved ones can be a tax-smart strategy for transferring wealth to family members, particularly in today’s low-interest-rate environment. This article explains why, and shows the process. However, there can be risks, including an IRS challenge if the transaction isn’t treated as a legitimate loan. A sidebar offers a specific example of an intrafamily loan in action.