When the TCJA was passed, the big estate planning news was that the federal gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the [...]
If your estate plan includes one or more trusts, review them before you file your tax return. Or, if you’ve already file it, look carefully at how your trusts were affected. Income taxes often take an unexpected bite out of these asset-protection vehicles. 3 WAYS TO SOFTEN THE BLOW For trusts, there are income thresholds [...]
As the 2018 tax-filing season heats up, investors have much to consider. Whether you structured your portfolio to emphasize income over growth – or vice versa, or perhaps a balance of the two – will have a substantial impact on your tax liability. Let’s take a look at a couple of the most significant “big [...]
Many people start the year intending to get out of debt, yet end the year owing just as much, if not more. One approach that might yield success is called “throwing snowballs.” Under this method, you organize your debts from the lowest balance to the highest balance and begin paying off the debt on top [...]
As tax season ramps up, so do the efforts of scam artists looking to steal people’s financial data and money. Such fraudulent activities often target older adults. Whether you’re in this age bracket or worry about senior parents and other relatives, here are seven ways to prevent elder financial abuse: Keep both paper and online [...]
The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals. Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. PERSONAL EXEMPTIONS For 2018, through 2025, the TCJA suspends personal exemptions. This will substantially increase taxable income for large families. However, enhancements [...]
