Blog Category - Taxation Page 3

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Sep

2017 Brings Big Changes for Captive Insurance Owners: The PATH Act Diversification Tests for Section 831(b) Captive Insurance Companies

In 2015, Congress passed the PATH Act, enacting substantial changes to the law governing captive insurance companies, Internal Revenue Code Section 831(b). This article briefly discusses how those changes affect the use of captives in combination with certain estate planning te...

Sep

Thinking Through Year End and New Year Taxes

As we approach the end of 2016, we at Strauss Attorneys, PLLC would like to remind you of measures you can take to minimize your income tax liability. By taking proactive steps to secure credits and deductions, or accelerating or postponing income or deductions, a savvy taxpayer...

Sep

The End of Valuation Discounts is Coming: Proposed Regulations to Section 2704

Copyright 2016, WealthCounsel, LLCThe days of reducing gift and estate tax through valuation discounts for closely-held family businesses appear to be coming to an end. After months of anticipation, the U. S. Treasury has released proposed regulations that will significantly re...

Sep

Inherited Trust Shares and Divorce – Protecting your Children

Among the most important benefits of holding assets in a living trust is ensuring that they pass to beneficiaries protected from creditors, for instance, from a child’s divorcing spouse. A testamentary gift to your child outright and in their own name can be considered part of th...

Sep

More for Christmas, Less for the IRS – Saving Money with Year End Tax Planning

Executive Summary Most year-end income tax planning strategies fall into two broad categories: first, maximizing available credits and deductions, and second, accelerating and postponing income and deductions. The heart of intelligent income tax planning is taking advantage of c...

Sep

Do You Have an Out-of-State Trust: Getting Your Refund After the Kimberly Rice Kaestner Case

A recent decision by the North Carolina Business Court could have significant ramifications for North Carolina’s taxation of trusts, and could result in substantial refunds for certain beneficiaries. In Kimberley Rice Kaestner 1992 Family Trust v. North Carolina Department of Rev...

Sep

Tax Tips to take to Minimize income and estate taxes in Trusts and Estate Planning

1. Consider distributions to beneficiaries Because the maximum ordinary tax rate (39. 6 percent) and the net investment income tax (3. 8 percent) apply to trust income at a much lower threshold than they do for individuals, trustees of discretionary trusts should consider distribu...

Sep

What the New Tax Law Means to You

As you probably know, Congress avoided the so-called fiscal cliff by passing – at the 11th hour – the American Taxpayer Relief Act of 2012 (the 2012 Tax Act), signed into law by the President on January 2, 2013. The 2012 Tax Act makes several important revisions to the tax code t...

Sep

“Portability” of the Federal Estate Tax Exemption – What does it Mean?

With the political and economic climate as it is in the summer of 2008, we are not likely to see total repeal of the federal estate tax in the foreseeable future. However, both Republican and Democratic Presidential candidates support estate tax reform. Realistically, such reform...

Sep

The Door Is Closing – Unique Gift and Estate Planning Opportunities in 2012

2012 is truly an exceptional year to do estate planning. The estate, gift, income and generation skipping transfer (GST) tax laws are the most favorable to taxpayers since the 1940s, or possibly ever, and are scheduled to become far less favorable in 2013. That gives taxpayers li...

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