07 Jul
July 07, 2016

For charitably inclined individuals, many strategies exist that allow you to meet your philanthropic goals while creating tax savings. One strategy to consider is a Qualified Charitable Distribution, or QCD. QCDs are distributions that come directly from your IRA to a qualified charity of your choice. This type of IRA distribution is not included in the taxpayer’s AGI. QCDs became permanent with the Protecting Americans from Tax Hikes (PATH) Act of 2015, and this strategy allows individuals to

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03 Dec
December 03, 2014

The single most important estate planning document many of us have is a Power of Attorney for Health Care. This document allows us to name a person we trust referred to as an Agent to direct decisions regarding health care, medical treatment, and hospitalization when we are no longer able to make those decisions. Powers of Attorney also often provide authorization to your Agent to require, withhold, or withdraw any type of medical treatment or procedure even though

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08 Sep
September 08, 2014

The ALS Ice Bucket Challenge spread like wildfire across social media. And while we saw many young people take the challenge, we have to wonder – did they comprehend the deeper idea behind donating to ALS, or did they just have fun dumping ice water over their heads? This thought led to an array of questions about the value of charitable giving and how to teach it at a young age to ensure it evolves into a habit and not

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29 Apr
April 29, 2014

At face value giving your home to your children may seem like an ideal way to pass on wealth, reduce the size your estate, and improve your chances of being eligible for Medicaid’s long-term care benefits.

However, gifting your home may not be the best way to accomplish these goals and could also trigger unintended tax consequences.

When passing on wealth, the goal is to avoid or minimize taxes. Gifts are taxed differently than an inheritance. When gifting your home, your child’s

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27 Oct
October 27, 2011

Economic uncertainty and longer life expectancies have created stress for many baby boomers. This generation is quickly becoming known for being the sandwich generation – those trying to provide financial support for both their aging parents as well as their young adult children. It is normal for many of these parents to try lending a hand to their children, many of whom have been a casualty of high unemployment. At the same time that these young adults

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