June 20th, 2016 by Christian Wynns
In year-end legislation, the Consolidated Appropriations Act of 2016 made permanent qualified charitable distributions from individual retirement accounts. Because qualified charitable distributions are finally permanent, now’s a good time to review the rules. Benefits A qualified charitable distribution permits annual direct transfers to a qualified charity totaling up to $100,000 of tax-deferred IRA savings. Qualified charitable […]
June 13th, 2016 by Christian Wynns
For 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes. The annual […]
May 19th, 2016 by Christian Wynns
Even if you have a valid will, you may need to draft a new one for a variety of reasons. A will is an essential part of planning for the future. But don’t think creating a will is a one-time proposition. Even if you have a valid document, you may need to draft a new will for […]
April 15th, 2016 by Christian Wynns
Trust Basics A trust is an written arrangement under which one person, called a trustee, holds legal title to property for a beneficiary. You can be the trustee of your own living trust and keep total control over the assets in the trust. Trusts generally fall within two categories: 1. Living trusts created during […]
March 21st, 2016 by Christian Wynns
Legislation enacted a few years ago made permanent changes to the federal estate and gift tax rules. Specifically, here are the significant estate changes in the American Taxpayer Relief Act: * The 2016 federal estate tax exemption is $5.45 million for estates of individuals who die in 2016 (up from $5.43 million in 2015). A […]
March 13th, 2016 by Christian Wynns
In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). But that’s not all that’s changed. In recent months, there have been several significant developments on the estate tax front. Here are some tips to help you stay atop the changes. New Basis Consistency Rules for […]
March 1st, 2016 by Christian Wynns
In the days after a person dies, some family members may decide to take matters into their own hands. These individuals may have a key to the home and decide they are going to take items they want. Before the will is even read, furniture, jewelry, artwork and other items may disappear. Cash around the […]
February 15th, 2016 by Kim Chen
The IRS released final IRS Form #8971 (Information Regarding Beneficiaries Acquiring Property from a Decedent) and instructions, which is intended to satisfy the new basis consistency reporting requirement for estates. The basis consistency rule of IRC Secs. 6035(a) and 1014(f) applies when (1) the estate is required to file an estate tax return (IRS Form […]
August 27th, 2015 by Kim Chen
Notice 2015-57, 2015-36 IRB In a Notice, IRS has announced a delayed due date for filing returns with IRS and providing statements to beneficiaries under the rules requiring consistent basis reporting for transfer tax and income tax purposes that were signed into law on July 31, 2015. For each such return or statement that would […]
June 23rd, 2015 by Kim Chen
On its website, the IRS announced that it will issue estate tax closing letters only upon the taxpayer’s request for estate tax returns (Form 706 filed on or after June 1, 2015. It also clarified whether, and under what circumstances, it will issue a closing letter for estate tax returns filed before that date. Taxpayers […]
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