by Brad Henry We are almost at the end of another year, so it’s a good time for us to highlight some estate planning strategies for you, caution against some common pitfalls and give a preview of possible things to come.   The Estate Tax—The Sky’s The Limit, Or AlmostMost of us, when we hear…

by Andrew A. Strauss The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year:   2017 2018 2019 Gift and Estate Tax Exclusion $5,490,000 $11,180,000 $11,400,000 GST Tax Exemption $5,490,000 $11,180,000 $11,400,000 Gift Tax Annual Exclusion $14,000 $15,000 $15,000 Annual Exclusion for Gifts to Noncitizen Spouse $149,000 $152,000 $155,000 Federal…

by Andy Strauss The Tax Cuts and Jobs Act which became effective on January 1, 2018, affects almost every area of income tax law, including charitable giving. An individual’s cost to donate money to charity has traditionally been reduced by the tax benefits afforded charitable deductions under state and federal income tax law. Forbes magazine…

by Erica M. Erickson The Tax Cuts and Jobs Act (TCJA), which came into effect on January 1, 2018, is the most significant overhaul of the tax code since 1986. Although it was meant to simplify the tax code, it is very complex and will undoubtedly be subject to ongoing modifications and interpretations. The TCJA…

By Larry S. Hartley, Attorney at Law Strauss Attorneys, PLLC 77 Central Avenue Suite F Asheville NC 28801 828-258-0994 Larry@strausslaw.com Grandparents are often very fond of establishing savings accounts intended for grandchildren’s education.  If they can do so with tax advantages, it is even better! Frequently a grandparent will consider starting a Section 529 Savings…

“It’s tough to make predictions, especially about the future.” Yogi Berra With the recently passed tax bill there is finally an official pronouncement from the IRS on the 2018 estate and gift tax exemptions. The IRS announced in October of this year that the gifting exemption both during life and after death is being raised…

Just as beauty is in the eye of the holder, it is often said that value is in the eye of the holder since it is a relative term and depends upon the context. In estate planning, the great majority of IRS challenges to wealth transfers focuses on hard to value assets. The New York…

By Lorin G. Page, J.D., L.L.M. As we approach the end of 2017, 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 can significantly…

By Lorin G. Page, Esq. Use of standalone Educational Trusts – those created specifically for the educational (and sometimes medical) expenses of children and grandchildren – is far less common since the ready availability of 529 Plans.  529 Plans have contribution limitations (varying by state) that are high enough and cost of administration that are…

By Lorin G. Page, Esq. 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 techniques such as irrevocable trusts or family limited partnerships. The…

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