Making Charitable Contributions Work

While you’re alive and have philanthropic goals, give appreciated assets held in a taxable account to charity. For charitable bequests, designate your IRA or tax-deferred employer retirement plan. Why? Suppose a hypothetical Al Cole wants to give $10,000 to charity this year.

Read More »

What to Do to Reduce Estate Taxes

If you plan on leaving a sizable amount of money to your heirs, it’s understandable to be concerned about estate taxes. After all, the top Federal estate tax rate of 40% could take a nasty bite out of a multi-million dollar estate, and that’s not including any state taxes that may apply. With that in […]

Read More »

Gift Giving and What to Do About IRS Form 709

Most people give gifts all the time without even thinking about the potential tax ramifications. Yet technically, whenever you give something to someone, you have to follow the gift-tax rules. Fortunately, those rules don’t require you to file a gift tax return every single time someone celebrates a birthday or other special event, but it’s important […]

Read More »

Estate Planning for the Farm

Estate planning doesn’t concern itself only with financial savings or your home. It can also include your property and land. And in no other industry is land more valuable than farming. By building and implementing an airtight estate plan, farmers and ranchers can ensure a smooth transition of land ownership and management when the time […]

Read More »

What to Do with an Inherited IRA

RAs are among the largest assets inherited by heirs and beneficiaries. These accounts have been able to grow to such large amounts because income taxes are deferred until the owner begins to take distributions, usually after reaching age 70 ½.

Read More »

Gift Tax Basics

People who want to give a large amount of money to another person often have questions about how much they can give without having to pay taxes on the gift. Fortunately, the gift tax is relatively simple once you know the basics.   Many parents find themselves in a position where they want to give […]

Read More »

House Acts on Tax Bills

The U.S. House of Representatives has recently taken up a pair of related bills concerning the Gift and Estate Taxes. Both bills have been brought before the full house for a vote.

Read More »

Tom Brady Versus the Gift Tax

It seems like famous athletes are winning something all time. These men and women are often already extremely wealthy, yet they often win prizes for their achievements beyond their salaries. Rest assured there are tax consequences for them.

Read More »