Tax Code Rewrite Favors Real Estate Over Art

Since the recent tax code overhaul, some of you may be confused about whether acquiring art or real estate would be a better investment for your estate and financial planning purposes. Congress kept the 1031 exchanges that allow real estate to be sold tax-free if the proceeds go to buy more property. That same advantage… Read More »

What Does a Trump Presidency Mean for You?

The votes are in. Donald Trump is the President Elect. WealthManagement.com has published a great analysis piece on what the future of estate planning could look like under a Trump administration, and we believe the highlights are worthy of your attention. When Trump campaigned, he proposed the following tax reforms: •    Eliminating the federal estate… Read More »

Don’t Bet the House on Tax Reform

If you or your clients are waiting for meaningful tax reform measures to be signed into law this year, don’t hold your breath. The prospects are, in a word, dim. This isn’t 1986, when President Reagan and House Speaker Tip O’Neill got together to overhaul the tax system. The chasm that divides the political sides… Read More »

Three Ways the DOMA Ruling Can Affect Financial Planning for Clients

The June 26 Supreme Court ruling that struck down the 1996 Defense of Marriage Act by a 5-4 vote not only gave same-sex couples legal recognition at the federal level, it leveled the playing field financially, too. With this decision, married gay couples living in states that recognize same-sex marriage are eligible for over 1,000… Read More »

Deadline Looming on Gift-Tax Rules

Time is running out for your wealthy clients to take advantage of the generous 2010 tax laws that lowered gift tax exemption amounts and tax rates. Currently, lifetime gift-tax exemptions are at $5 million per individual and $10 million for married couples — but those limits are set to dwindle dramatically to $1 million for… Read More »

Tax Scams the IRS Wants You to Avoid—For Their Benefit and Your Own

The IRS recently released its “Dirty Dozen Tax Scams”, and some of the items on the list will be of particular interest to anyone concerned about asset protection. According to this article in NASDAQ.com, taxpayers should “exercise caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to… Read More »