Senators Sanders and Whitehouse have introduced legislation in the Senate which would significantly alter the Estate Planning landscape. It would dramatically change the tools we use to plan for our clients. Time is of the essence. Read on to learn more. … [Read more...] about Tax Proposals Could Alter Estate Planning Landscape
Normally, you must itemize your deductions in order to benefit from them. In 2020, the standard deduction amount is $12,400 for individuals and $24,800 for married couples filing jointly. But this year, you can get a charitable deduction even if you don’t itemize. Read on to learn more. … [Read more...] about It’s Better to Give, Especially This Year
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
COVID-19, the novel coronavirus, has been a challenge confronting countries around the world. Not only has COVID-19 been challenging healthcare systems, but the social distancing required to combat the virus has also rocked financial markets. However, there may be an opportunity for those wishing to do certain types of Estate Planning. Read on to learn more. … [Read more...] about Shrunken Asset Values Open Estate Planning Opportunities
Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies. Income Tax Basis in Estate Planning … [Read more...] about Income Tax Basis in Estate Planning
What’s the right direction for you in planning for the help you might need in the future? Seven in ten of us will need long-term care at some point in our lives. Here are possible paths for covering the assistance you may need. How Will You Obtain the Care You Need? … [Read more...] about How Will You Obtain the Care You Need?
Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning. Income Tax Basis … [Read more...] about Income Tax Basis
One of the most important aspects of any estate plan is the creation of a plan for the distribution of your estate assets after you are gone. If you are a grandparent, you may wish to include your grandchildren as beneficiaries in that plan. While gifting to grandchildren in similar to gifting to adult children, there are some unique considerations. To help you plan according, the St. Louis estate planning lawyers at Amen, Gantner & Capriano, Your Estate Matters, LLC offer the following tips … [Read more...] about Tips for Gifting to Grandchildren
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. Domestic Asset Protection Trusts … [Read more...] about Domestic Asset Protection Trusts
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?