2019 Estate and Gift Tax Update

As the law currently stands, taxpayers have now through 2025 to take advantage of the increased estate and gift tax lifetime exemption assuming no intervening legislative changes.

Charitable Contribution Planning Under the TCJA

With good planning and communication, many tax-advantageous opportunities are out there for individuals to maximize the assets they wish donate to charity while retaining the tax benefit.

Irrevocable Life Insurance Trusts: Administration Checklist

An Irrevocable Life Insurance Trust (“ILIT”) is a trust that can be used to minimize estate taxes by moving the proceeds of life insurance policies outside of your taxable estate. This article provides a general overview of ILIT funding and administration requirements.

2018 Year-End Tax Planning in a Reformed Tax Environment

The changes are many and too voluminous to cover in one article, so we are focusing on the most impactful changes for individuals and strategies taxpayers should consider prior to year-end to give fewer tax dollars to Uncle Sam in April 2019.

Qualified Opportunity Zones (QO Zones)

QO Zones are economically-distressed communities designated by each state. Governors were allowed to designate 25 percent of their states’ eligible census tracts as QO Zones based on economic need and desired paths of growth.

Tax Reform – Which Rumored Provisions Didn’t Actually Pass?

The TCJA made more changes to the tax code than any bill since 1986, but not all the rumored changes actually passed. Key proposals were left out of the final legislation, including the repeal of the Estate and Gift Tax and other major policies affecting businesses and individuals.

A Review of Charitable Donations Under TCJA

Charitable contributions are one of the few deductions enhanced under the Act. If you keep in mind the various rules and limits, charitable giving can continue to play a key role in your tax planning.