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Leaving specific assets to specific heirs is an estate planning no-no

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as a home, a car or stock — to specific people, you could end up inadvertently disinheriting someone. Unintended consequences Here’s an example that illustrates the problem: Kim has three children — Sarah, […]

Are your retirement savings secure from creditors?

A primary goal of estate planning is asset protection. After all, no matter how well your estate plan is designed, it won’t do much good if you wind up with no wealth to share with your family. If you have significant assets in employer-sponsored retirement plans or IRAs, it’s important to understand the extent to […]

Tax Reform

President Trump’s budget would restrict eligibility for two credits. President Trump’s budget proposal for the 2018 fiscal year, titled “A New Foundation for American Greatness,” aims to cut approximately $3.6 trillion in government spending over the next decade. Some of the cuts would be attributable to eligibility changes relating to the earned income tax credit (EITC) […]

Alimony Deduction – Get it in writing

A taxpayer who pays alimony to an ex-spouse per a written divorce or separation agreement can generally deduct the agreed-upon alimony on his or her tax return. In one case, a taxpayer made an oral agreement to pay his ex-wife substantially more than he was required to pay per the written agreement, out of his […]

Will we see tax reform in 2017?

Next up for House Republicans in Congress: tax reform. After the lengthy health care debate, the Republican-controlled House of Representatives will now turn their focus to tax reform, hoping to reach agreement before year end. However, new uncertainties about what the final tax package will contain may make it an uphill battle, mainly over policy […]

Worried about challenges to your estate plan? Make it no contest

Estate planning is all about protecting your family and ensuring that your wealth is distributed according to your wishes. So the idea that someone might challenge your estate plan can be disconcerting. One strategy for protecting your plan is to include a “no-contest” clause in your will or revocable trust (or both). What’s a no-contest […]

Asset valuations and your estate plan go hand in hand

If your estate plan calls for making noncash gifts in trust or outright to beneficiaries, you need to know the values of those gifts and disclose them to the IRS on a gift tax return. For substantial gifts of noncash assets other than marketable securities, it’s a good idea to have a qualified appraiser value […]

WHITE HOUSE TAX PROPOSAL

White House tax proposals. The Trump administration is calling for a large decrease in the corporate tax rate from 35 to 15%. The proposal is NOT formal legislation but is an outline composed of broad principles. It also cuts the top rate on pass-through businesses, including sole proprietorships, from 39.6% to 15% and makes other […]

Acquaint yourself with the Roth IRA as an estate planning tool

A Roth IRA can be a valuable estate planning tool, offering the opportunity for tax-free growth as long as it exists and requiring no distributions during your life, thus allowing you to pass on a greater amount of wealth to your family. While traditional IRAs are more common, there’s no time like the present to […]

Estate Planning Seminar – November 10

On November 10th at the Rolling Hills Country Club, attorney Eric S. Parkhurst will be presenting a seminar with Sunflower Bank and Betts Consulting on Estate Planning. The two hour seminar will begin at 6:00 pm and if you are interested in attending, please RSVP to Mr. Parkhurst directly by emailing him at eparkhurst@beverdye.com.