Tag Archives: Wealth Planning
Know About the New IRS Rules for Reporting Foreign Financial Assets?
International tax evasion: In this time of economic crisis for many countries around the world, anti-fraud measures at the individual and corporate level are a major focus for governments and their taxing and regulatory authorities.
Recently, the U.S. government has launched major initiatives to disclose unreported income from foreign assets, which has been estimated to cost the federal Treasury between $40 billion and $70 billion in individual income taxes alone.
If you have a financial interest in, or signature authority over, a (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, Legislation, Personal Tax, Wealth Planning
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REMINDER January 17, 2012 is the Deadline for Electing Out of the Federal Estate Tax for 2010
As a result of federal legislation passed in 2001, the estate tax was initially repealed for persons dying in 2010.
The Tax Relief Act of 2010 restored the federal estate tax for 2010 with a maximum tax rate of 35 percent and a per-person exemption of $5 million. It also provided an option: Estates of persons who died in 2010 could elect an estate tax rate of zero, along with a carryover basis for the assets rather than a stepped-up basis.
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, Personal Finances, Wealth Planning
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Thinking About Refinancing Your Home?
Neither a borrower nor a lender be, advised William Shakespeare—and in these volatile times it’s tempting to follow his advice. But even in this economy, borrowing can be the best financial strategy.
With today’s historically low interest rates, refinancing a mortgage makes financial sense for many homeowners. To know if it’s the best possible choice for you, it’s important to base your decision on more that just a lower monthly payment.
Making the Decision to RefinanceYou’ve probably heard it said that refinancing doesn’t make financial (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group, Tax Services
Tagged Home Ownership, Personal Finances, Personal Tax, Wealth Planning
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Wondering About the New Federal Tax Deductions and Limits for 2012?
Change is in again, at least when it comes to the federal tax code.
Recently, the IRS published the federal tax amounts for the coming calendar year. Unlike last year, many of the inflation-adjusted tax amounts have been adjusted upward.
As taxes impact most of your business and financial decisions―and many of your personal ones―planning for them is crucial to your tax and transaction planning for the coming year.
The following guide includes many of the most important tax amounts for 2012 and compares them to the (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Personal Finances, Personal Tax, Retirement Planning, Tax Credits + Incentives, Wealth Planning
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Thinking About Buying Your Kid a Condo for College Living?
It’s an exciting time for the Wolff family. Laura, an only child, begins her second year of college this fall—and, for the first time, she’ll be living truly on her own.
As a freshman, Laura was required to stay in on-campus housing, at a cost of nearly $11,000 for basic room and board. This year, since she has the option, she’d rather live off-campus with two long-time friends in a shared house or an apartment.
Her parents are researching the cost and (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group, Tax Services
Tagged Home Ownership, Personal Finances, Personal Tax, Wealth Planning
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Recent Developments Have You Rethinking Reverse Mortgages?
“It’s tough to make predictions, especially about the future.” Of course, Yogi Berra was mangling the English language while talking baseball, not retirement planning, but the concept applies.
In these turbulent times it’s become increasingly difficult for many couples to predict, and then secure, the money they’ll need to support themselves after retirement. For some seniors, it’s been impossible. And for a portion of those seniors, sometimes referred to as cash-poor and house-rich, federally-insured reverse mortgages can provide a viable option.
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group
Tagged Home Ownership, Personal Finances, Wealth Planning
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Own an Offshore Bank Account or Other Financial Account?
Honesty is the best policy—at least when there’s money in it, according to Mark Twain. The IRS, charged with enforcing a tax system based on voluntary disclosure, agrees.
International tax evasion in the form of undisclosed and unreported offshore financial accounts costs the federal government as much as $100 billion in lost revenue each year. That makes it an obvious priority for enforcement activity.
If you have an offshore financial or bank account, you’re likely subject to federal taxation and reporting requirements―just as (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, IRS, Wealth Planning
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Want to Maximize the Potential Tax Benefits of Gifting?
Sometimes, legislation is as notable for the things it doesn’t change as the things it does. Take last December’s tax bill.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act liberalized many of the rules for gifting and estate planning, at least through 2012.
For example, it increased the lifetime gift tax exemption—the amount of money or other property that you can gift over the course of your lifetime without incurring a gift tax—to $5 million, up from $1 million in (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Want to Make a Tax-Free Donation to Charity from Your IRA for 2010 or 2011?
There aren’t many do-overs when it comes to your taxes. Generally, if you miss a tax deadline or a tax provision expires, you’ve lost an opportunity.
Last year’s Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) provides an exception.
The Act temporarily extends a tax provision that allows you to make IRA distributions directly to qualified charities―a provision that originally expired after 2009.
The Act extends the IRA-to-charity provision for 2010 and 2011 only. However, because the extension wasn’t enacted until (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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Benefiting from the Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010?
Calling it “how we’re going to spark demand, spur hiring and strengthen our economy,” President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act (Tax Relief Act) on December 17, 2010.
The new law includes temporary provisions to extend a broad range of currently expiring or expired tax rates and benefits, as well as changes to the expired-for-2010-only federal estate tax.
There are no revenue offsets as Congress circumvented PAYGO budgeting rules by designating each provision of the Act (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group
Tagged AMT, Business Tax, IRS, Legislation, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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