Asset Protection
Maximizing Your Legacy: 2024 Estate Planning Opportunities
Use tax season to review income and expenses from 2023 and set new financial goals for 2024 to maximize opportunities.
April 8, 2024
Charitable Planning
Estate Planning for High Net-Worth Individuals with Residual Income
Residual income, especially prevalent in the entertainment industry, refers to ongoing payments received for work done in the past. This income can stem from royalties in TV shows, movies, music, or books. A notable example is the late Matthew Perry, whose role in Friends brought him substantial residuals, as highlighted in a CNBC article. The Importance of Estate Planning for Residual Income For individuals with significant residual income, estate planning is crucial. It ensures that their assets are distributed according to their wishes and can help mitigate complex legal and financial issues after their passing. Case Study:…
January 23, 2024
Charitable Planning
Understanding Charitable Giving Laws
When it comes to donating, many people seek not only the personal satisfaction of helping others but also the potential financial benefits, including possible tax deductions. Words such as deduction, charitable giving, charitable contribution, charity, charitable tax deduction and rules for giving often come up in these discussions. Understanding these terms and the laws surrounding charitable donations can help individuals and businesses make informed decisions about their charitable contributions, while taking advantage of any available tax deductions. In this article, we delve deep into charitable giving laws, exploring various facets and rules that govern tax deductions for charitable contributions. Whether…
December 26, 2023
Advanced Directives
Do You Pay Taxes on Gifts From Parents?
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year.
July 10, 2023
Advanced Directives
How Gifting and Joint Ownership Can Go Wrong
There is a popular misperception among many seniors that in order to protect their assets from creditors, including the cost of nursing home care, they should consider gifting their assets to their children.
July 4, 2023
Advanced Directives
What You Need to Know When Making Your Will
While many people think that estate planning is only for the wealthy, experts say that’s not the case.
May 12, 2023
Asset Protection
What Is the Meaning of Step-Up in Basis?
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
May 8, 2023
Asset Protection
Does Estate Tax Have an Impact on My Plans?
There is no Florida estate tax, although you may still be subject to the federal estate tax. It’s one of 38 states in the country that doesn’t levy a tax on estates, regardless of size.
May 4, 2023
Asset Protection
What are the Big Emotional Issues in Estate Planning?
There is a massive movement of money going on right under our nose. It’s not illegal or unethical. However, it’s fraught with peril.
March 16, 2023
Charitable Planning
How Does Estate Planning Work for Caregiving Children?
A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.
March 13, 2023