Estates, Trusts and Administration
By now, you’ve likely heard that certain businesses can qualify for a 20% income deduction under the new tax law. This is true for an “active trade or business.” Earlier this year the IRS issued a proposed safe harbor setting out how rental real estate activities can qualify as an active trade or business for […]
Deferring taxable income to a later year is often an effective strategy for paying less in income taxes and keeping more of your wealth working for you. For example, if you are organized as an S Corporation or Partnership for income tax purposes and anticipate being in the same or a higher tax bracket in […]
The end of year is a busy time for many reasons. Travel plans, holiday hosting, and family visits tend to keep your calendar packed. But as a small business owner you have additional obligations that need to be addressed. The end of year is a perfect time to assess your current business, make some decisions, […]
We are often asked: “I’ve been named as Executor in my mother’s Will. What does an Executor of an estate do?” First, for terminology, an Executor in certain cases can be referred to as an Administrator, but the role is very similar so we’ll combine all the terms under Personal Representative, or “PR” for short. […]
Have you been avoiding the “uncomfortable” topic of your estate plan with your children? You want to do what is best for your children but perhaps you are legitimately concerned that your children are too young or busy, the conversation will be perceived as morbid or will not deliver the message you intend, or you […]
As estate planning attorneys, we often get the question: “Who needs an estate plan?” The answer is: “EVERYONE!” Studies have shown that only 42% of American adults currently have an estate plan in place. For the 58% of Americans who don’t have an estate plan, dealing with intestacy laws and the probate process places a […]