Retirement Planning and IRAs Hard-working Americans spend a lifetime trying to obtain financial stability and to then provide a financial legacy for their families. Often, the strategy to achieve such goals involves the funding of individual retirement accounts...
Estate, Wealth & Succession Planning
The Role of AI in Estate Planning: Benefits and Limitations
As AI increasingly becomes part of our everyday lives, individuals and families are exploring the use of AI programs to prepare estate plans. The answer to whether AI can be used for this purpose is, of course, yes. AI programs, similar to other online tools and...
Supreme Court Decision in Connelly v. US: Implications for Family-Owned Businesses
In a landmark decision, the U.S. Supreme Court’s decision in Connelly v. United States will require closely-held business owners to reconsider their current buy-sell arrangement in order to avoid additional federal estate tax. Now under the Court’s holding in...
Unlocking Tax Savings: Family Limited Partnerships in Estate Planning
As Trump era estate tax cuts are likely coming to an end in 2025, wealthy business owners are increasingly utilizing Family Limited Partnerships (FLPs) to significantly save the family taxes when they are gone. Understanding Family Limited Partnerships An FLP is a...
Navigating Changes in FDIC Insurance Coverage: Ensuring Deposit Security Amidst Revised Limits
As of April 1, 2024, the Federal Deposit Insurance Corporation (FDIC) has implemented significant changes to its insurance coverage limits, particularly affecting trust accounts. These adjustments aim to simplify coverage rules while ensuring depositor protection....
Unrealized Income Under Scrutiny: Will SCOTUS Unleash Chaos on the US Tax Code?
Supreme Court Deliberation on Income Definition In December 2023, the Supreme Court considered the fundamental question: "How is income defined?" Moore v. United States centered on the question of taxation of unrealized income. Unrealized income is defined as a gain...
Mastering Retirement Planning: Understanding the Benefits of Traditional and Roth IRAs
In addition to employer-sponsored retirement accounts such as 401(k) and 403(b) plans, many people choose to save additional retirement assets in Individual Retirement Accounts (IRAs). Regardless of your stage in life, it is never too soon to plan for retirement. Even...
Securing Your Legacy: Embracing Digital Estate Planning with iOS Legacy Contact
Understanding Estate Planning Misconceptions There’s a misconception that estate planning is mainly for the wealthy or those concerned with asset protection. In reality, estate planning serves the practical purpose of ensuring that an individual’s assets are...
Validity of Handwritten Wills in Ohio: Insights from Aretha Franklin’s Case
During a two-day trial last summer, a Michigan jury concluded that a handwritten note penned by Aretha Franklin in 2014, found in a drawing book beneath sofa cushions in her home, holds legal validity as a will. The jury determined that this 2014 document was...
IRS Increases 2024 Federal Estate Tax Exemption and Gift Tax Exclusions: Key Points for Taxpayers
Introduction Estate planning is a lot like putting together a puzzle. The client provides you with their box lid showing what they want the ultimate result of their plan to look like. Then, estate planners are tasked to identify and gather the various pieces and put...