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...
Estate, Wealth & Succession Planning
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...
Chasing the Sunset: Take Advantage of Wealth Transfer Opportunities prior to 2017 Estate Tax Cut Expiration
Wealthy American families are rushing to relinquish wealth before the end of 2025 when Trump’s 2017 estate tax cuts are set to expire. Families with a net worth of approximately $10 million or higher are working with their advisors to find opportunities to make...
Tax-Savvy Strategies for Passing Wealth to Grandchildren
With the implementation of the Secure Act's new rules for inherited retirement distributions, older Americans are facing the challenge of finding ways to pass assets on to their grandchildren without a large tax bill attached. This law, which took effect in 2020,...
Treasury Provides Temporary Relief from 401(k) Catch-up Contributions Rollback
Background The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions to expand coverage and increase...
FAQs: Steps to Take When a Loved One Passes Away
Losing a loved one is one of the hardest things we will ever have to go through. Unfortunately, it is a reality we all face at some point in our lives. During this time of grief and confusion, it can be overwhelming to try and figure out what needs to be done next. As...
Will Medicaid Pay for Assisted Living?
People are living longer than ever. For many, there will come a time when they need some amount of help to live. There are home health services and nursing home care, which are both covered by Medicaid. However, many people need services in between in an assisted...