Spouses who are turning full retirement age this year are the last group who can choose whether to take spousal benefits or to take benefits on their own record. The strategy, used by some couples to maximize their benefits, will not be available to people turning full retirement age after 2019. ...
In a recent case, North Carolina Dept. of Revenue v. Kimberly Rice Kaestner 1992 Family Trust (U.S., June 21, 2019), the Supreme Court of the United States ruled that North Carolina had no business taxing Ms. Kaestner, a North Carolina resident, solely because she was a future beneficiary of a trust...
In this world nothing can be said to be certain, except death and taxes. - Benjamin Franklin, in a letter to Jean-Baptiste Leroy, 1789, which was re-printed in The Works of Benjamin Franklin, 1817. And as most of you are all too well aware, sometimes those two things occur at the same time,...
Paying for day care is one of the biggest expenses faced by working adults with young children, a dependent parent, or a child with a disability, but there is a tax credit available to help working caregivers defray the costs of day care (called "adult day care" in the case of the elderly). In...
Check your estate plan for changes required to meet the requirements and opportunities. Changes created by the passage of the Tax Cuts and Jobs Act create a need to revisit your estate plan, if you have not already done so, according to The Kansas City Star in “Talk to estate attorney about im...
Giving for the tax break or to better your community? Or Both? Some people donate to charities primarily for the tax breaks, so the U.S. Tax Cuts and Jobs act may cause them to review their charitable giving, says Barron's Penta in “How to Leave Assets—With an Immediate Tax Write-Off.”
The new tax laws offer some opportunities. Have you taken the laws into consideration? With the Tax Cuts and Jobs Act in place, the end of the year is a good time to review your estate plan and see what you are missing or what opportunities may be available, according to The National Law Journal...
Retirees may find themselves facing a major federal tax increase fueled by tax-deferred accounts. There are many financial strategies occurring as you save toward your retirement, including maximized annual contributions and compounding interest. This can cause a tremendous tax bite, unless ...
Deductions for state and local taxes face a new limit. One of the more controversial changes in the new tax laws passed in late December was that the itemized deduction for state and local taxes is now limited to $10,000.
Preparing for the tax season is also a good way to organize an estate plan. Since you have to get all of your financial information for the year sorted out and digested at tax time, you can also benefit from your organizing effort by creating an estate plan, according to Forbes...
New tax laws raise a lot of questions, including the use of gifting. Gifting is usually done as a way of shrinking an estate as much as possible to lower the eventual estate tax burden. However, that may no longer be necessary for some people, according to My San Antonio in "How gifting of ...
Significant changes mean it is a good time to meet with your attorney and to consider any new plans. The tax changes recently signed into law create a need to go to an estate planning attorney to make sure your estate plan is still optimal for you and your family. Forbes offered some suggestions...
How does one handle the payment of estate taxes after the death of an owner and avoid the need to sell assets to meet estate taxes?
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