Estates, Trusts and Administration
The passing of movie icon Burt Reynolds brings to light how certain estate planning techniques differ as they unfold. Selecting a revocable trust – versus only a Will – as Burt chose to do for the benefit of his son, Quinton, has its advantages. One that’s highlighted in the current stories about Burt’s passing is […]
Gift planning can be an important component of estate planning and, if the right techniques are executed, can reduce your overall tax burden. With this in mind, it is never too early to be thinking about gifting to your children and/or grandchildren. The annual gift tax exclusion is the most commonly used method for tax-free […]
A Family Limited Partnership (“FLP”) is a structure that is known for two main purposes: asset protection and tax minimization. Its ability to handle both of these important wealth generators puts it in the running as one of estate planning’s most valuable tools, if implemented and maintained properly. Below, you will find some frequently asked […]
In today’s litigious society, we often have clients calling us and asking for advice on how to protect themselves and their assets from creditors and lawsuits. Many worries stem from concerns over rental properties and vacation homes (including toys such as jet skis) owned by our clients. There are several techniques that can help the […]
The Tax Cuts and Jobs Act of 2017 (the “Act”) has dramatically changed the tax landscape this year. Two important changes include the new 20% deduction for pass-through entities, such as S-corporations and partnerships, and the 21% flat tax rate for C-corporations. Where conventional wisdom once dictated that most small business owners elect S-corporation tax […]
In our last post, we detailed many of the new individual and corporate tax laws. Here we’ll take a closer look at three practical steps you should consider taking in light of these. 1. Revisit the income tax classification of your corporation or LLC. For decades now, the S corporation has been the income tax […]