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Tax Planning: Don’t forget about the IRS. Talk with an experienced estate planning attorney about ways to legally lower your tax liability. CharitableContributions #AssetProtection #EstatePlanningLawyer #IRAs #401k #HoustonWills #PowerofAttorney #Insurance #TaxPlanning

The funds are promoted to donors as tax management strategies that allow large, immediate tax deductions Who Should Utilize Them: The upfront tax deduction makes these funds especially interesting if you see or complex holdings like real estate or small business shares to a donor-advised fund lets you avoid capital gains tax. That creates issues with the IRS since you’ve already received a tax deduction on the full amount of

Avoiding Probate and Estate Taxes If you don’t want to deal with the headache of the probate court or estate and eliminate estate taxes after you pass away. If you have acquired any form of wealth, estate tax planning is an important aspect of sound financial This is just one of many tax-saving strategies that can help you reduce the estate taxes owed upon your One of the major benefits of communication with an attorney is gaining a better understanding of how

Fortunately, there are steps that you can take to gain access and secure the contents of the safety deposit death of the safety deposit box owner Receive instructions from the financial institution on how to gain There are several items that may be needed to gain entry into the safety deposit box: A certified copy it is necessary to determine who has been named as beneficiaries or executors before attempting to gain In others, verification documents, such as death certificates, may need to be presented before gaining

However, if you have a careless approach to your money, you can be headed for financial pain. Plus, it can create a huge tax bill, meaning less for your spouse and family. silly money mistakes retirees can make” #AssetProtection #EstatePlanningLawyer #RetirementPlanning #TaxPlanning

The Business Journal reports in “Taxes done? things to think about in terms of how you’re managing your wealth for the long term before you blot taxes Rather than selective amnesia with tax season, try some financial awareness throughout the year because tax season provides a great opportunity for people to think more holistically about wealth management Reference: The Business Journal (April 18, 2016) “Taxes done?

This can leave them with a chosen amount of tax-free cash. EstatePlanningLawyer #Inheritance #BusinessSuccession #BeneficiaryDesignations #Wills #LifeInsurance #TaxPlanning

Misconception 4: Trusts Are Only for Avoiding Taxes While trusts can be useful for reducing estate taxes Younger individuals may have more to gain from creating a trust since they have more time to build and

At the tax rate of 40%, estate tax is onerous enough to make efforts to avoid at all costs, especially an experienced trust attorney, they can allow you to sidestep tax liability. Generation-skipping trusts go through a second level of taxes beyond gift and estate taxes. The 40% tax rate is applied in addition to any regular estate taxes to ensure that the assets see two GST are complex, as well as the taxes that go along with them.

trust contains assets that cannot be moved back to the possession of the trustor, it can be incredibly tax In Texas, a charitable trust receives favorable tax treatment. By speaking with a team member at Your Legacy Legal Care, you will gain peace of mind knowing that you

Reference: Billboard (May 27, 2016) “Whitney Houston Estate Challenges $11 Million Tax Bill” #estateplanning #IRS #TaxPlanning

Business Entity Tax Implications The type of business entity you choose has important tax implications taxes). and self-employment tax, and the spouse who is an employee pays income taxes according to their salary Failure to pay estimated taxes can result in penalties. has been an election to be taxed as an S or C corporation.