The recent Tax Court case Estate of Anne Milner Fields v. Commissioner underscores the risks involved when transferring assets to a family limited partnership or family limited liability company close to death. Approximately a month before Anne Milner Fields died, her great-nephew and agent under her durable power of attorney transferred $17 million of assets […]
Tax and Wealth Advisor Blog
The recent election of Donald Trump as president signals potential changes to the U.S. tax code in 2025. Some anticipated adjustments align with Trump’s proposals to extend or expand certain cuts from the Tax Cuts and Jobs Act of 2017, enacted during Trump’s first term, as well as new measures aimed at encouraging economic growth […]
The IRS has released inflation adjustments for the 2025 tax year, bringing changes to tax brackets, deductions, and credits that may affect taxpayers across income levels. Here’s a quick overview of the updates: Income Tax Brackets Tax brackets will shift higher to accommodate inflation, helping prevent “bracket creep.” For example, the 37% top rate now […]
October 21-27, 2024, is National Estate Planning Awareness Week—a timely reminder to think about your estate plan. If you haven’t yet created an estate plan, we have a handy guide to help you understand the basics. You can check it out here: Estate Planning Guide. If you already have an estate plan in place, now […]
When high-net-worth individuals and families incorporate charitable giving into their estate planning, they often consider donor-advised funds and private foundations as vehicles for managing their philanthropy. Both options have unique advantages, and the choice depends on the donor’s goals, level of control, and financial considerations. Donor-advised funds are like charitable savings accounts. Donors contribute to […]
Wisconsin families received a significant boost with the recent signing of Assembly Bill 1023. The bill was signed into law by Governor Tony Evers on Monday, March 4, 2024. This groundbreaking legislation, effective immediately for the 2024 tax year, expands the state’s child and dependent care tax credit from 50% to 100% of the federal […]
To continue our holiday series “Harmony of Legacy: A 12-Day Estate Planning Celebration,” we share with you the last days of Christmas. In case you missed the previous days you can find them here in part 1 and part 2. Day 9: Nine Ladies Dancing = Gracefully Transferring Your Real Property at Death Similar to […]
The IRS recently made a significant decision that could impact users of platforms like PayPal’s Venmo and Etsy. It has chosen to delay a requirement set by a 2021 law, which mandates companies to send tax forms (1099-K) to customers involved in business transactions surpassing $600. Key Takeaways from the Delay This delay for the […]
To continue our holiday series “Harmony of Legacy: A 12-Day Estate Planning Celebration,” we share with you four more days. In case you missed our first few verses, you can find them here. Day 5: Five Golden Rings = Jewelry and Prized Possessions On the fifth day of Christmas, our attention turns to our favorite […]
Day 1: A Partridge in a Pear Tree = The Foundation of Your Estate Plan Welcome to our “12 Days of Christmas” Estate Planning Series. On the first day, let’s start with the basics of how to protect your family tree—or those outside your family tree—with the solid foundation of an estate plan. Whether you […]
Tax and Wealth Advisor Team
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