Partnership Audit Rules Have Changed Under New Tax Law
Congress enacted the Bipartisan Budget Act of 2015 (“BBA”) under which existing partnership audit rules have been replaced. The new BBA audit rules are broad and complex and effective for partnership tax returns filed for tax years beginning in 2018. Under the prior audit rules, the tax liability flowed through to each partner. Under the new … Read More
10 Steps to Take Now to Minimize Taxes under the New Tax Law
The overhaul of the Internal Revenue Code was passed by Congress on December 21, 2017 and signed into law by the President. Many changes become effective January 1, 2018. Although 2017 is almost over, the following are some actions to consider taking now to potentially save taxes.
Before the end of 2017 consider taking the following actions:
Pay 2017 state and local income taxes in 2017. … Read More
Estate Planning is Essential
Hi, I'm Beth Cohn, an attorney here at Jaburg Wilk and I help people plan their estates.
No matter where you are in your life, estate planning is essential. Estate planning includes wills, trusts, and powers of attorney. If you have just started your family and are at the beginning of your career, a will is critical. In the event of your untimely death, a properly drawn will protects your … Read More
Categories: Estate Planning
Health Care Power of Attorney and Living Wills
No one wants to contemplate becoming seriously ill or disabled, but the reality is this difficult subject needs to be addressed with spouses, significant others and family members. It is important to make decisions regarding what wishes are while healthy. The Arizona Secretary of State allows you to register, free of charge, living wills and medical power of attorneys on their web site. Simply go to … Read More
Estate Tax Laws Warrant Exclusion and Portability in Planning
The new estate laws are challenging to comply with and will require most high net worth individuals to review their existing plan. One of the major issues is how the trust is divided on the death of the first spouse, and who makes certain elections. There are other critical decisions that need to be made to protect assets and minimize or delay estate taxes.
Prior Exclusion and 2013 Change
Estate tax was … Read More
Section 529 Plans - Qualified Tuition Program: College Savings Plans that the IRS Embraces
As higher education costs continue to escalate, parents or grandparents may look to different savings vehicles for their children's college fund. The IRS, under section 529, provides parents with the opportunity for a higher education savings plan.
There are two sets of tax rules for 529 plans (the "Plan"). One relates to the income taxation of the owner and the beneficiary of the Plan, while the … Read More
In a volatile economic climate, such as the current economic downturn, there is a significant increase in litigation cases and bankruptcy filings. When economic times flourish, people focus on acquiring assets and doing "deals". During slower times, people may look for an opportunity to protect their assets from potential creditors' claims. There are planning tools - entity selection, separation of personal and … Read More
When Do I Need a New Will?
You may think you don't need a will because you don't have many assets. However, if you don't have a will, the state could determine who gets your property and even who will take care of your children should both you and your spouse die at the same time. Many changes and events occur during your lifetime and if you have experienced any of the following life events recently, it is a good time to prepare a will or … Read More
Having It, Holding It, & Sharing It
A variety of charitable gifting techniques are available during your lifetime and as part of your estate plan. Depending on your income, or the size of your estate, you may find tax savings so significant after making a charitable gift that the net after tax effect is minimal.
Here is a summary of some of planning ideas which will help you start your charitable gifting program.
Charitable Giving & Taxes
The … Read More
Funding Long-Term Care Without Draining Your Estate
Start Now, Before Your Options Become Limited
Good news: Thanks to medical advances in the past few decades, you - and your parents, if they're still alive - will probably live longer than previous generations.
Bad news: The cost of living in a nursing home for a year, now averaging around $51,000, will triple over the next 20 years, according to the General Accounting Office. So will the cost of other … Read More