If you collect art, donating a painting, sculpture, or other object of fine art to a museum or a favorite charity can be a great way to share your passion with a wider audience, support your institution of choice, and get a break on your Federal income taxes.
A trust is designed to help individuals manage a variety of family and tax-related estate planning concerns. Here are a few ways in which trusts can be used.
There are many positive aspects of being part of a family business. Relative (no pun intended) job security and financial benefits are two that readily come to mind.
When it comes to estate planning, large estates often call for particularly strategic planning. One flexible and powerful tool many estate planning professionals recommend to their clients is the irrevocable life insurance trust (ILIT). But, just where does the ILIT fit into the overall estate planning process?
Of the mistakes older Americans can make in managing their retirement savings, failing to take required minimum distributions (RMDs) from qualified retirement accounts, like IRAs and 401(k) accounts, is among the most serious.
You know the amount of planning needed to maintain daily operations and grow your business. Now, you may be ready for retirement. But, the planning does not end. What you do next, and how you navigate potential tax issues and regulatory pitfalls, can make a big difference in the long-term success of your retirement.
While it has been said that life is not always fair, perhaps a more apt description would be that life is unequal in how it spreads the wealth.
In addition to supporting a worthy cause, you or your business can help lower your tax bill through cash donations, as well as contributions in the form of unused inventory or sponsorship.
Universal life insurance is an idea that offers several interesting and beneficial components. The most notable are flexibility and adjustability.
Parents who would like to give property to their minor children may be unaware of their options regarding the ways in which property can be held for the benefit of their children.
