Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. Sager Family Shows Perils of Blended Families … [Read more...] about Sager Family Shows Perils of Blended Families
Estate Planning
New Tax Law May Affect State Income Tax, Too!
The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why. New Tax Law May Affect State Income Tax, Too! … [Read more...] about New Tax Law May Affect State Income Tax, Too!
Donor Advised Funds: IRS Issues New Ruling
A new ruling addresses whether a donor advised fund may satisfy charitable pledges by the donor/advisor. It now may do so, as long as certain requirements are met. Read the article to learn more about how donor advised funds are a great tool for charitable giving. Donor Advised Funds: IRS Issues New Ruling … [Read more...] about Donor Advised Funds: IRS Issues New Ruling
Would You Prefer a Charitable Deduction This Year?
Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. Would You Prefer a Charitable Deduction This Year? … [Read more...] about Would You Prefer a Charitable Deduction This Year?
No Charitable Deduction in 2018?
The tax bills passed by the House and Senate would eliminate deductibility of state income tax and nearly double the standard deduction, dramatically reducing the number of people who would benefit from itemizing their deductions. As a result, most people would get no tax benefit from their charitable contributions. This article examines how a Donor Advised Fund could allow donors to make a contribution this year, getting a tax benefit, and then release the funds to charities in the … [Read more...] about No Charitable Deduction in 2018?
Who Should Talk to Estate Planning Attorneys?
Bath estate planning attorneys provide invaluable help to clients in all different types of life circumstances and in all different situations. Talking with an attorney is essential to ensure that you are prepared for whatever the future brings. While many people think that only those who are older should worry about estate planning, the reality is there are many people who can benefit from the assistance and advice that an estate planning attorney can offer. The Law Office of Michael … [Read more...] about Who Should Talk to Estate Planning Attorneys?
A Special Option for Special Kids
When planning for children with special needs, it takes special care to preserve their eligibility for public benefits. An ABLE account is a new way to preserve eligibility while gaining tax advantages. Read on to learn more about this new tool in planning for those who were disabled by age 26. A Special Option for Special Kids … [Read more...] about A Special Option for Special Kids
Basics of Estate Planning: Powers of Appointment – Part 2
Trusts can be very flexible instruments. One of the ways to add flexibility is by using powers of appointment. This article will examine the different types of powers of appointment and how that can impact taxation. Basics of Estate Planning: Powers of Appointment – Part 2 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 2
How to Make an Estate Plan That Takes Your Family’s Needs Into Account
Rochester estate planning lawyers can help you to create a personalized estate plan that is right for your particular family situation. It is important that you consider the needs of your heirs or beneficiaries when you are making your plans for your legacy. The Law Office of Michael Robinson, P.C. can provide personalized advice so you can provide for your loved ones in the best and most appropriate way. To find out more about the ways in which our Rochester estate planning lawyers can … [Read more...] about How to Make an Estate Plan That Takes Your Family’s Needs Into Account
Basics of Estate Planning: Powers of Appointment – Part 1
Trusts can be very flexible. One of the ways to add flexibility is by using powers of appointment. This article will examine what a power of appointment is and how it may be used to add flexibility to a trust. An upcoming article will examine the tax consequences of powers of appointment. Basics of Estate Planning: Powers of Appointment – Part 1 … [Read more...] about Basics of Estate Planning: Powers of Appointment – Part 1
