Let’s discuss Spousal Lifetime Access Trusts, otherwise known as SLATs. Establishing one can be complex and designing one to meet your particular needs will most certainly require an estate planning expert, but doing so could be quite beneficial for your financial future. A Spousal Lifetime Access Trust is an irrevocable trust that can own permanent[…]
If you think a large tax refund is a good thing, you may want to reconsider. Why would you want to let the federal government control your money when you could be putting that money to work for you? By better managing your withholding taxes, you can stop overpaying the IRS, essentially giving it an[…]
As we take a deeper look at anticipated tax policy changes in 2021, there seems to be no doubt that this year will see a hike in the capital gains tax. Taxpayers should not only be fully aware of these soon-to-come increases, they should also know how to prepare for them and our professional strategies[…]
The new year brings with it some tax changes from the IRS, but far fewer than we saw with the Tax Cuts and Jobs Act of 2017, say tax advisors. From higher education credits to contribution limits and income caps for retirement accounts, and exemptions from gift and estate taxes, there are some subtle differences[…]
While tax planning may not be many people’s idea of fun, the benefits of smart financial planning for small business owners is critical, tax experts agree. Many small business owners tend to neglect this important aspect of their business, not thinking much about taxes until it’s time to dig through their paperwork and file their[…]
For years, taxpayers, and in particular, wealthy taxpayers, have sought to reduce their tax burden by establishing residency in states with lower tax rates. Florida is a favorite destination because it has no state income tax. Financial experts warn that the process is more challenging than it appears, however. While you can have more than[…]
Using life insurance and 529 plans to save for college
By diamondcpas Saving for College Mar 06, 2019
It’s no secret that college is expensive and growing more so every year. Whether a private or public institution, the costs are significant. According to the College Board, in 2017-2018, the average annual tuition and fees for a private institution was $34,740. A public school is somewhat less, where the yearly cost is $9,970, for[…]
The Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2018, for most provisions, and for many businesses it provides benefits such as reduced corporate tax rates, the end of the corporate alternative minimum tax, and a new pass-through business income deduction. As 2018 winds down, we would like to share some planning[…]