Now may be the time to forgive intrafamily loans
Posted by Kim Chen on August 14th, 2020
An intrafamily loan may be an attractive estate planning tool if you’ve already used up your gift and estate tax exemption or if you wish to save it for future transfers. But if you have exemption to spare, forgiving an intrafamily loan allows you to transfer the entire loan principal plus any accrued interest tax-free, […]
The rules have changed regarding your IRAs, RMDs and estate plan
Posted by Kim Chen on August 7th, 2020
The Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act have had a direct effect on IRAs and estate plans. The CARES Act waives required minimum distribution rules for IRAs (and certain defined contribution plans) for calendar year 2020. If you’re fortunate enough that you […]
Your legacy: Charitable giving is vital during the COVID-19 crisis
Posted by Kim Chen on July 31st, 2020
If philanthropy is an important part of your legacy, now is a good time to make as many donations as possible. The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Your gifts reduce your taxable estate, and the Coronavirus Aid, Relief, and Economic Security (CARES) Act […]
If you’re planning to move overseas, it’s time for an estate plan review
Posted by Kim Chen on July 22nd, 2020
If you’re planning to move abroad, it’s important to understand the potential tax and estate planning implications. If you don’t, you could be hit with unpleasant surprises. For example, if you’re a U.S. citizen, U.S. taxes will apply even after you move to another country. So you may be subject to gift and estate taxes […]
A nonworking spouse can still have an IRA
Posted by Kim Chen on July 13th, 2020
It’s often hard for married couples to save for retirement when one spouse doesn’t work. An IRA contribution is generally only allowed if you have compensation. However, an exception exists. A spousal IRA allows a contribution to be made for a nonworking spouse. Under the rules, a couple can contribute $6,000 to an IRA for […]
