Tax / Estate & Wealth Planning
Showing 1841–1856 of 2177 results
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Estate Planning Pitfall – You’re cashing in a life insurance policy
August / September 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 263
Abstract: There are a variety of reasons why a life insurance policy may no longer be needed. When cashing in a life insurance policy, a variety of options are available. But each has different financial and tax implications, so it’s important to know the outcomes before taking action. This brief article explores, among other options, surrendering the policy for its cash value, or donating the policy to charity in exchange for a charitable gift annuity and its lifetime income stream.
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Who covers the estate tax bill? Spell it out in an apportionment clause
August / September 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 543
Abstract: To ensure one’s estate tax bill doesn’t fall to the wrong beneficiaries, it’s important that a will or living trust include a carefully crafted tax apportionment clause. A poorly drafted clause may result in the collection of estate taxes from unintended beneficiaries or ambiguity over the payment of taxes, resulting in disputes or litigation. If one fails to plan for estate tax apportionment, the government has a plan. This article examines federal and state law in this regard.
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Don’t overlook generation-skipping transfer tax
August / September 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 1143
Abstract: In 2010, Congress raised the generation-skipping transfer (GST) tax exemption to $5 million through 2012. This provides a significant planning opportunity for those wishing to share their wealth with their grandchildren or other future generations. This article explains what a GST is and gives a brief history of the GST tax. It shows how to leverage the exemption and allocate it where it will do the most good. A sidebar offers an example of the GST tax exemption at work.
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FLPs and FLLCs: To save taxes, you need a nontax purpose
August / September 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 595
Abstract: For a family limited partnership (FLP) or family limited liability company (FLLC) to reduce gift and estate taxes, there must be a legitimate nontax reason for forming one. The IRS will disallow the tax benefits for an FLP set up strictly as an estate planning tool. This article shows how FLPs save taxes and how a person can establish a legitimate nontax purpose for an FLP.
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See the big picture – A holistic approach to tax planning
January / February 2010
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 800
Abstract: For many people, tax planning is something they begin to think about in December. During the year, they concentrate on running their business and managing their investments. Then, late in the year, they make a series of last-minute moves — such as accelerating expenses, deferring income or shifting income to family members — in an effort to reduce their tax bills. By failing to start planning early and look at the big picture, however, these taxpayers often miss opportunities to increase their overall wealth. This article explores a holistic approach that begins well before year end and considers the overall impact of various tax, business and financial planning decisions and identifies the strategies that are most likely to enhance net worth. (Updated 7/7/11)
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Estate Planning Red Flag – You haven’t planned for incapacity
July / August 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 302
Abstract: Estate planning is often associated with death. But it’s just as important for a plan to address incapacity associated with illness, injury, advanced age or other circumstances. This article looks at three planning tools for financial decisions (a revocable living trust, a durable power of attorney, and joint ownership) and two tools for health care decisions (a health care power of attorney and a living trust).
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Are your loved ones’ inheritances protected? Add spendthrift language to a trust to safeguard assets
July / August 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 448
Abstract: Despite its name, the purpose of a spendthrift trust isn’t just to protect profligate heirs from themselves. Adding spendthrift language to a trust benefiting one’s heirs can help safeguard assets from their creditors, or in the event of relationship changes. This article explains how a spendthrift trust works.
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Estate planning isn’t just about taxes
July / August 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 589
Abstract: Estate taxes are only one piece of the estate planning puzzle. In fact, there are critical nontax issues to think about. This article looks specifically at appointing a guardian for children; avoiding probate through a revocable “living” trust; protecting assets against creditors’ claims; and designing a trust to incentivize the beneficiary’s behavior.
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The GST tax exemption – A tool to generate future tax savings
July / August 2011
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1169
Abstract: The generation-skipping transfer (GST) tax can have harsh consequences. Those who take full advantage of GST planning strategies, however, have an opportunity to shield their wealth from tax and build a lasting legacy. This article discusses three types of transfers that may trigger GST taxes, and illustrates strategies to allocate the GST tax exemption in a manner designed to produce the greatest tax savings. A sidebar shows why automatic-allocation rules regarding the exemption don’t always work in a taxpayer’s best interest.
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Tax Tips – Can you deduct an expense if someone else pays it? – Borrowing against a life insurance policy – Going green with less green
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 464
Abstract: This issue’s “Tax Tips” answers whether an expense is deductible if someone else pays it, explains the tax consequences of not paying back a loan against an insurance policy, and describes a recent IRS Revenue Procedure that makes it easier and cheaper for commercial building owners to claim tax deductions for energy-efficient improvements placed in service in previous years.
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Tick, tock, tick, tock – Time is running out to disclose “hidden” foreign accounts
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 639
Abstract: From time to time, the IRS offers “deals” to taxpayers that have unreported income from undisclosed foreign accounts and other foreign assets. The current program — the 2011 Offshore Voluntary Disclosure Initiative — expires Aug. 31. This article notes what the law requires and lists the benefits of voluntary disclosure — as opposed to the penalties for failing to disclose.
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Have you researched the research credit?
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 887
Abstract: In 1981, a tax credit for increasing research activities was introduced. Congress has renewed this “temporary” credit multiple times over the last three decades, and it currently extends through Dec. 31, 2011. The credit isn’t just for scientists or engineers, but is actually available to companies in a wide range of industries. This article explains what activities qualify and how much the credit can be worth. A sidebar notes that last year’s Small Business Jobs Act lifted certain restrictions on claiming the research credit for eligible small businesses.
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Succession planning – Transferring ownership to the next generation
July / August 2011
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 835
Abstract: One important step in the succession planning process is determining the best way to transfer ownership interests in a family business to the next generation. Who should be the successor? How should wealth be divided between those who work in the business and those who don’t? This article offers ways to address these questions, and considers the gift and estate tax implications. It also shows how business interests can be transferred through family limited partnerships, self-canceling installment notes or employee stock ownership plans.
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Estate Planning Pitfall – You made large taxable gifts in 2010
June / July 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 295
Abstract: People who made large taxable gifts in 2010, in anticipation of a higher gift tax rate, might have regretted their decision when Congress maintained the rate for another two years and increased the gift tax exemption. For example, someone making a $1 million gift on Dec. 1, 2010, might, under some circumstances, have owed $350,000 in gift tax. But the gift could have been tax-free if it had been made one month later. This article offers a couple of options that might allow such gifts to be “undone.”
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Putting the “state” in your estate plan
June / July 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 661
Abstract: At least until current tax law expires in 2013, married couples with combined estates worth less than $10 million need not concern themselves with federal estate taxes. However, as federal taxes become less significant, state estate taxes — including inheritance and estate taxes — take on a more prominent role. And, as this article explains, overlooking their potential impact can be costly. But there are strategies that can help.
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Charitable giving vehicles – CRTs and CLTs offer dual beneficial interests
June / July 2011
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 733
Abstract: A charitable remainder trust (CRT) or a charitable lead trust (CLT) can be an important tool in achieving philanthropic and estate planning goals. These “split-interest” trusts — so-called because of their dual beneficial interests — provide for both qualified charities and noncharitable beneficiaries. This article discusses the details of each type of trust.