Having just survived another tax season, many tax filers will be on the hunt for any write-off or deduction that may help reduce their future tax liability. In the spirit of making lemonade out of lemons, many have used losses on capital assets to ease the tax burden. In that regard, I’m often asked if…

Read More

A Qualified Charitable Donation (QCD), also known as an IRA charitable rollover, is a tax savings tool for charitably inclined IRA owners. First introduced in the Pension Protection Act of 2006, QCDs were originally permitted for years 2006 and 2007. Since then, however, QCD rules have been in constant limbo. They’ve lapsed, been reinstated (often…

Read More

Imagine it’s the year 2000, and Sam and Pam Smith have a combined estate valued at $1.35 million, with each owning $675,000 in assets individually. Knowing there’s an unlimited marital deduction (spouses can transfer an unlimited amount of assets to each other without incurring gift or estate taxes), Sam and Pam Smith’s estate plan consisted…

Read More

Proper estate planning ensures your assets and wellbeing will be cared for in the event of death or incapacitation. While there are several documents, such as the Will, Durable Power of Attorney, and Advanced Medical Directives everyone should have regardless of health, wealth, or age, the question of whether or not a revocable living trust…

Read More