Tax Planning Archives - Page 3 of 3

Unmarried couples must take extra steps to reduce estate tax liability

Unlike married couples, who can take advantage of the marital deduction, unmarried partners can’t transfer unlimited amounts to each other tax-free. To reduce their estate tax bills, they must take some additional steps. One…

Have you factored GST tax into your gifting strategy?

If your adult children face the prospect of high taxes on their estates, consider skipping a generation with some of your bequests and gifts. But beware of the generation-skipping transfer (GST) tax, which applies…

The Window May Be Closing on Valuation Discounts

If selling or gifting an interest in family-owned businesses or entities is part of your long-term estate/tax plan, the window may be closing on the use of valuation discounts as part of that strategy….

Make Tax-Free Gifts with a Minor’s Trust

Do you want to make annual exclusion gifts to your young children or grandchildren but are worried about giving minors unfettered access to the funds? Then a Section 2503(c) minor’s trust might be the…

How an ILIT Can Eliminate Estate Tax Liability on Your Life Insurance

If you own life insurance policies at your death, the proceeds will be included in your taxable estate. Ownership is usually determined by several factors, including who has the right to name the beneficiaries…

Tax Ideas for Real Estate and Business Sales

The Monitor’s focus on real estate this month gives me the opportunity to discuss two tax items: allocation of purchase price and like-kind exchanges. These are sometimes overlooked in real estate transactions even though…

Tax Tips – It’s Not Too Late to Do Something for Your 2014 Return

Even though the new year has begun, it is not too late to take advantage of some tax savings ideas on your 2014 tax returns. Let’s look at some things you should not forget….

A Taxing Situation:

Mining the Benefits from the Onslaught of New Tax Law Changes Much has been written about taxes this year, so I’ve asked my partner, Rick Gibson, an attorney and CPA (inactive) to collaborate on…

Protecting Your Value

Successful franchisees often have a problem in effectively transitioning and protecting the value of their business interests from events such as estate taxes, creditor collections and forced sales. As franchisee organizations mature, they become…

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