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…
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…
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….
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…
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…
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…
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….
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…
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…
