Practical perspectives for contemporary legal challenges.
The IRS has announced the annual limits that will apply to qualified retirement plans in 2020. The key 2020 limits, as compared to the 2019 limits, are: For 401(k) plans, the maximum deferral limit increases by $500 to $19,500 for a participant who is under age 50. A participant who is age 50 or older …
Continue reading “IRS Announces 2020 Annual Adjustments for Qualified Retirement Plan Limits”
The tax code includes a number of provisions that benefit small businesses and small business owners. One of these provisions is contained in Section 1202 which provides for an exclusion of up to 100% of the gain realized on the sale of qualified small business stock (“QSB Stock”). The gain exclusion can provide significant tax …
Continue reading “Section 1202 – Qualified Small Business Stock”
The holidays are right around the corner and often can be a very difficult and emotional time if you are going through a divorce or separation, especially if you have children. Managing the many holiday demands including school programs, various events, buying gifts, and helping your children cope with the perceived loss of their family …
Preparing an estate plan can be a lot of work, both for the planner but especially for the client. And when that process is over, and the plan has been properly put in place through effective trust funding and asset titling, it is common for the client to not think about the plan again for …
Continue reading “When You Should Consider Updating Your Estate Plan”
The 2017 Tax Act: The act significantly changes itemized deduction planning, making it very simple for some and more daunting for others. Most know the overall rules by now. But it doesn’t hurt to be reminded. Two biggest changes: 1. Much higher standard deduction (adjusted for inflation annually). For 2019: $24,400 for married couples filing jointly (plus …
Continue reading “Year-End Income Tax Planning – Itemized Deduction Planning: “Bunching””
Judges are elected or appointed officials serving the citizens of our communities. The majority of our judges are intelligent, empathic, possess a vast knowledge of the law and are experienced and wise. However, judges are also human and thus not immune from error or misjudgment. Putting your fate and your children’s fate in the hands …
Lifetime charitable giving, properly planned, may afford income tax savings. Under current federal income tax law, the income tax charitable deduction is available to taxpayers who itemize deductions rather than take the standard deduction. The standard deduction is $24,400 for a married couple, filing jointly in 2019 and half that amount for a single individual. …
It is universally recognized that litigating legal decision making, parenting time or other parenting issues can be harmful to the development of children. Litigation involving minor children, especially high conflict and protracted litigation, can result in ongoing emotional turmoil, depression, lower levels of self-esteem and a higher risk of mental illness, substance abuse, educational difficulties …
ATTENTION TO DETAIL! You would think that this space need not be taken up with a reminder of the obvious importance of beneficiary designations for life insurance policies and retirement accounts (qualified and non-qualified). But those of us who practice in the trusts and estates area are frequently reminded, through painful experiences with clients, that …
Many charities feared that the 2017 Tax Cuts and Jobs Act (TCJA) would have an adverse impact on charitable giving during 2018 and after. The significant increase to the standard deduction available to most individuals means that more taxpayers do not itemize their deductions, including charitable contributions. In effect, “losing” the charitable tax deduction and …