Tax planning following the Tax Cuts and Jobs Act
This column discusses advising clients on the implications for choice-of-entity decisions, charitable giving strategies, and estate, retirement, and higher education planning.
Estate Planning
Divorce and taxes: Hidden traps and your map around them
CPAs are in a key position to assess tax implications of property divisions and must consider professional responsibility standards if the ex-spouses both want to remain clients.
The Illiquid Marital Estate: Navigating the Division of Marital Residences and Retirement Accounts
This item focuses on the pitfalls and potential opportunities to consider in the illiquid marital estate arena.
Form 8332 Challenges for Divorced Couples
When parents divorce without a meeting of the minds or a well-crafted agreement, issues can result as to who is entitled to the tax benefits from supporting their children.
Planning for Divorce-Related Stock Redemptions
A transfer of ownership of a closely held business in divorce does not trigger gain or loss if it is directly between the spouses.
Common Mistakes in Life Insurance Arrangements
Familiarity with life insurance will elevate a practitioner’s service from being compliance-oriented to being consultative.
Tax Considerations for Divorcing Spouses
During the divorce proceedings, it is critical for each taxpayer to work with a tax adviser to understand the estate, gift, and income tax consequences of the marriage dissolution.
Taking Control of the Final Form 1040
Follow these tips for using the final tax return for tax planning post-mortem.
Advising Clients in Later-Life Divorce
CPAs are in a unique position to have a profoundly positive influence on the financial consequences of Baby Boomer divorces.
Navigating Through Divorce: Top Five Financial Planning and Tax Considerations
Advisers must consider a number of issues when helping a client navigate through a divorce. Emotions are at their peak, but careful thought and planning must take place before the divorce agreement is finalized, to prevent future financial and legal headaches. This item discusses the five top issues that financial advisers and CPAs should consider throughout a client's divorce negotiations.
CPAs’ Evolving Role as Estate Planners
Understanding the tax changes under ATRA alone does not prepare practitioners for how dramatically their role in the estate planning process has changed.
Retroactive Tax Planning After Windsor
Married same-sex couples must now file their federal income tax returns as either married filing jointly or separately, but they have a choice whether to amend their federal income tax returns for open years during which they were legally married.
Sea-Change: Planning for Same-Sex Married Couples and the DOMA Decision
This column provides practitioners with an overview of the impact of the recent decision striking down a key provision in the Defense of Marriage Act ; a preliminary checklist of areas to be addressed with same-sex clients; and a discussion of the issues involved.
Gift and Estate Tax Planning Considerations
With thoughtful planning, taxpayers can minimize gift and estate taxes while retaining some control of transferred assets by establishing trusts or limited partnerships and using the annual gift tax exclusion.
Advising Nonresidents and Recent U.S. Residents on Estate Tax Issues
Understanding the intricacies of residency and domicile is necessary to understand what will be included in a decedent’s estate for U.S. estate tax purposes.
Formula Marital Deduction Clause Not a Guaranteed Estate Tax Shelter
The Turner cases highlight the importance of properly transferring FLP interests during life in a way that avoids the trap of creating an estate tax when the decedent planned to have none.
Recent Developments in Estate Planning: Part II
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
Lifetime Tax Planning for LLC Owners
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
Estate Planning for International Clients
It is essential for clients with multiple citizenship or residency to understand that the timing and manner of cross-border wealth transfers fundamentally affect their ability to minimize tax burdens.
The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.
