Tax Planning

Five Changes Proposed in President Obama’s 2016 Budget That Could Affect Your Estate Plan

Posted on: May 3rd, 2015
The Obama administration recently released its budget proposal for the 2016 fiscal year. As in past years, this budget proposes changes to the laws governing federal estate, gift and generation-skipping transfer (GST) taxes. Several of these changes would raise revenue by limiting the tax benefits achieved by using certain estate planning techniques, while others would decrease exemptions and increase rates. ...

Five Things You Need to Know About the Recently Enacted ABLE Act

Posted on: April 15th, 2015
On December 19, 2014, President Obama signed the Achieving a Better Life Experience Act (ABLE Act) into law. The ABLE Act will allow certain individuals with disabilities to establish tax-free savings accounts that can be used to cover expenses not otherwise covered by government sponsored programs. These accounts can be a great alternative or supplement to special needs or supplemental needs trusts....

Strategies for Reducing the Income Tax Squeeze on Irrevocable Trusts

Posted on: March 3rd, 2015
Under federal income tax laws, irrevocable, non-grantor trusts (such as Bypass Trusts and Dynasty Trusts) are subject to highly compressed income tax brackets . . . What Can Trustees Do to Lower a Trust’s Taxable Income?...

2015 Changes to State Death Taxes

Posted on: February 2nd, 2015
Utah residents who only own property in Utah generally don't need to worry about paying estate taxes unless they have an estate large enough to incur a federal estate tax . . . If you live in or own property in one of the 20 jurisdictions listed below, then you may have a state death tax issue that requires planning....

What the 2015 Inflation Adjustments for the Estate Tax Exemption and Trust Income Tax Brackets Mean for You

Posted on: January 28th, 2015
The Internal Revenue Service has released the official inflation adjustments that will affect 2015 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes....

New Year's Planning Tip #1 – Check Your Estate Tax Planning

Posted on: January 2nd, 2015
If you’re married and you haven’t had your estate plan reviewed since before January 2, 2013, by an experienced estate planning lawyer, then pull your documents out of the drawer, dust them off, and take a closer look at their trust provisions. Do they contain terms such as . . ....
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