Taxes
New NY Tax Law Means Estates of the Wealthy Could Take Big Hit from IRS
A CNBC article posted last week noted an interesting change to the New York State tax laws intended to reduce estate taxes that could end up costing marginally wealthy people a higher than expected bill, by as much as 164%, in some cases. It’s a narrow window that probably won’t affect more than a handful…
Read MoreNew NY Tax Law Means Estates of the Wealthy Could Take Big Hit from IRS
A CNBC article posted last week noted an interesting change to the New York State tax laws intended to reduce estate taxes that could end up costing marginally wealthy people a higher than expected bill, by as much as 164%, in some cases. It’s a narrow window that probably won’t affect more than a handful…
Read MoreMichael Jackson's Estate Illustrates Importance of Creating the Right Type of Trust
We have previously discussed how important it is to set up a Family Trust to protect your assets and legacy for your heirs. However, choosing the type of trust to create is equally as important, as the heirs to pop superstar Michael Jackson’s estate are finding out. As with other deceased celebrities, such as Jimi…
Read MoreIRS Rules that Bitcoins are Not Money
One of the main principles of modern currency is that it must be “fungible” to be considered as money, which means that one unit, say a $100 bill, is able to replace or be replaced by any other $100 bill; that the two are, in essence, identical and mutually interchangeable. Based on that fact, the…
Read MoreNew IRS Tax Laws Increase Many Trusts' Tax Bills
We recently discussed changes proposed in President Obama’s 2015 budget that would modify Estate and Gift Tax provisions established in the American Taxpayer Relief Act or ATRA, which was passed by Congress in 2013. The proposal, which would take effect in 2018, would restore the Estate, Gift, and Generation-Skipping Transfer (GST) tax rates and parameters…
Read MoreLoan From Trust To Buy A House Can Be At Zero Percent Interest, But May Not Be Best Option
Using family financial trusts to lend money for the purchase of homes or property, as discussed from a financial perspective in the related news article below, more likely does not involve a legacy family property. With this type of transaction, the financial trust becomes something of a bank or landlord. These roles can expose trust…
Read MoreLoan From Trust To Buy A House Can Be At Zero Percent Interest, But May Not Be Best Option
Using family financial trusts to lend money for the purchase of homes or property, as discussed from a financial perspective in the related news article below, more likely does not involve a legacy family property. With this type of transaction, the financial trust becomes something of a bank or landlord. These roles can expose trust…
Read MoreSave tax by locking in family loans before October 1
If your children also own shares, either directly or through a family trust, the number of exemptions available potentially increases. To be able to claim the exemption, however, the shareholder must own the qualifying shares for at least two years … Read more: Save tax by locking in family loans before October 1
Read MoreSave tax by locking in family loans before October 1
If your children also own shares, either directly or through a family trust, the number of exemptions available potentially increases. To be able to claim the exemption, however, the shareholder must own the qualifying shares for at least two years … Read more: Save tax by locking in family loans before October 1
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