Tag Archives: Wealth Planning
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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In a Washington Registered Domestic Partnership?
Washington’s domestic partner legislation was first enacted in 2007, then expanded in 2008 and further expanded in the everything-but-marriage legislation signed into law by Governor Gregoire in May of 2009.
Taken together, the legislation extended to registered domestic partners (both same-sex and opposite-sex couples) all of the privileges, immunities, rights, benefits, and responsibilities granted to married persons under state law―including community property rights.
But there was one thing Washington state law couldn’t do: force recognition of those community property rights for federal income tax purposes. The IRS required registered (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged IRS, Personal Finances, Personal Tax, Wealth Planning
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Caring for a Grandchild?
Sam lives with his grandparents. They became his primary caregivers after his parents died in a tragic accident.
Jeffrey also lives with his grandparents. He never knew his father and, recently, his mother has been battling a substance abuse problem.
Sara’s parents are working overseas in a dangerous corner of the world, so Sara has been living with her grandmother for nearly three years.
More than six percent of children in the United States live with their grandparents—the highest rate in decades. In (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Education Funding, Personal Finances, Personal Tax, Tax Credits + Incentives, Wealth Planning
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Is Your Investment Portfolio Ready for Year-End?
Someone once told me that what I thought was a blessing, “May you live in interesting and exciting times,” is actually considered a curse. These days, I believe it.
Take the stock market, for example. After rising to an all-time high in the fall of 2007, it had lost more than half of its value by the spring of 2009.
This year, it’s back up significantly. As a result, you may have sold certain investments at a loss earlier this year. But (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Investments, Legislation, Personal Tax, Wealth Planning
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Know the Latest Health Care Rules Now in Effect?
It’s been a challenging year for Samantha Greene and her family.
In January, Sam’s husband lost his job and, with it, the family’s health insurance. Although Gus was fortunate to find a new position within a few months, the new plan excluded coverage for their young son, Ian.
Ian was born with a heart condition that required surgery in his first days. Although he’s now a healthy three-year-old, he’s considered to have a pre-existing condition.
Sam’s stepson, who recently graduated from college and (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services
Tagged Health Care, Legislation, Personal Tax, Wealth Planning
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Ready for the New Medicare Contribution Tax on Investment Income?
“You have to learn the rules of the game,” according to Einstein, “and then you have to play better than anyone else.”
A provision of this year’s health reform legislation imposes a new Medicare contribution tax on the net investment income of higher-income individuals, estates and trusts–beginning in 2013.
The tax is subject to federal estimated tax requirements.
Fortunately, the timeline provides you and your advisors with nearly three years to learn the new rules and to consider ways to minimize the tax (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Wealth Planning
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Paying Estimated Taxes?
According to Benjamin Franklin, a “great part of the miseries of mankind are brought upon them by false estimates they have made of the value of things.”
He wasn’t talking about estimated taxes–but he could have been.
Although taxes have been referred to as a persistent duty, it wasn’t until 1943 that the Current Tax Payment Act first required employers to withhold taxes and pay them quarterly.
Today, quarterly tax payments are also mandatory for the self-employed and anyone else earning taxable income (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged AMT, Legislation, Personal Finances, Personal Tax, Tax Credits + Incentives, Wealth Planning
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Subject to the Alternative Minimum Tax for 2009 or 2010?
It’s probably the most misunderstood provision of the U.S. tax code, as well as the most difficult to predict: the alternative minimum tax, or AMT.
Even the name is bit of a misnomer as it’s not really an alternative in the traditional sense of a choice. It’s actually a parallel set of tax rules that treat certain items less favorably than do the regular tax rules. If your tax liability is larger based on the AMT rules than on the regular rules, you must (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Professional Practices Group, Tax Services
Tagged AMT, Legislation, Personal Tax, Wealth Planning
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Defaulting on a Debt? Falling Behind On or Abandoning a Mortgage?
The recession has taken a toll on the finances of many Americans, and not just those of limited or moderate means.
With continuing job cuts, tightening credit, a down market and falling home values, even affluent families may find it difficult to meet financial obligations.
As many as one in four homeowners has a mortgage that is under water, with a principal balance that exceeds the home’s market value―and an increasing number of them are simply walking away. Nearly one in (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Debt, Home Ownership, Personal Finances, Wealth Planning
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Confused by the Federal Estate Tax Repeal?
In a move that some have likened to legislative malpractice, the U.S. Senate failed to follow the House’s lead in addressing federal estate and generation-skipping taxes before adjourning for 2009.
These taxes were repealed for 2010 as a result of legislation that was enacted in 2001 and signed by President Bush. As a result of the Senate’s inaction, there are no federal estate or generation-skipping taxes as of January 1, 2010.
The taxes will be automatically reinstated on January 1, 2011―but for (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services
Tagged Estate + Gift, Legislation, Wealth Planning
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