If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones. A net gift is simply a gift for which the recipient agrees to pay the gift tax, thereby reducing the value of the gift for tax purposes. It may also be possible to reduce its
Estate Archives - Crawford Ellenbogen
Mar 2, 2022
Feb 24, 2022
The donor-advised fund: A powerful vehicle for charitable giving
- By Joan Ellenbogen
- Charity, Estate
- 0 Comments
If charitable giving is important to you, consider a donor-advised fund (DAF). A DAF — typically sponsored and managed by a community foundation or commercial investment company — offers many of the benefits of a private foundation at a fraction of the cost. Upsides of a DAF A DAF allows you to make tax-deductible contributions
Feb 16, 2022
The 2021 gift tax return deadline is almost here, too
- By Victor Dozzi
- Estate
- 0 Comments
April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally,
Feb 9, 2022
Educate your children on wealth management
- By Victor Dozzi
- Estate
- 0 Comments
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money.
Feb 2, 2022
Does your trust need protection?
- By Joan Ellenbogen
- Estate
- 0 Comments
A trust protector is often compared to a member of a corporation’s board of directors. A trustee manages the trust’s day-to-day affairs while the trust protector serves in an oversight capacity to prevent trustee mismanagement and to participate in certain major decisions. A trust protector’s specific powers are set forth in the trust document. Among
Nov 24, 2021
Opportunities and challenges: Valuation in the age of COVID-19
- By Joan Ellenbogen
- Estate, Valuation
- 0 Comments
The tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many asset types, which may create attractive estate planning opportunities. It also presents unique challenges for valuation professionals. Generally, valuators consider all three
Sep 10, 2021
Planning for year-end gifts with the gift tax annual exclusion
- By Joan Ellenbogen
- Estate, Gifts, Taxes, Uncategorized
- 0 Comments
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any estate or
Aug 5, 2021
5 possible tax aspects of a parent moving into a nursing home
- By Joan Ellenbogen
- Deductions, Estate, Financial Planning, Medical, Retirement
- 0 Comments
If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical
Jul 1, 2021
Members of the sandwich generation find themselves in a unique situation
- By Joan Ellenbogen
- Estate
- 0 Comments
The “sandwich generation” is a large segment of the population. These are people who find themselves caring for both their children and their parents at the same time. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.
Jun 22, 2021
Beware of the “reciprocal trust” doctrine
- By Victor Dozzi
- Estate
- 0 Comments
If you and your spouse have similar irrevocable trusts for each other’s benefit, you might be subject to the “reciprocal trust” doctrine. It prohibits tax avoidance through trusts that are interrelated and place both grantors in the same economic position as if they’d each created trusts naming themselves as life beneficiaries. There are many ways