ESTATE PLANNING NOTEBOOK | Gifts of the Season | February

February getaway February is the the month for love, valentines, chocolates, and warm weather getaways. Make an estate planning notebook your “gift of the season” to show your love in February. Personal estate planning notebook for key information Start a notebook for Read More

QTIP Trust

When is a QTIP Trust appropriate? A QTIP trust – or qualified terminal interest property trust – can be helpful in the right situation.  Two common scenarios where a QTIP trust might be useful are: for a married individual with children Read More

Annual Gifting Amount

The maximum annual gifting amount to each individual remains $14,000 for both 2016 and 2017.  Spouses combining gifts can give a total of up to $28,000 to a single individual.  You can make gifts to multiple people in a single year. Additionally, Read More

Tax Saving Tip for Surviving Spouse or Senior Couple

couple photo DS Qualified Charitable Distribution (QCD) – a tax savings tip for income tax savings Case study #1: “Jane”, a surviving spouse over the age of 70 ½, receives annual Required Minimum Distributions (RMDs) from the IRAs her husband left naming her Read More

WHAT IS A QDRO?

Bluebirds of happiness   Retirement plan benefits are frequently divided between husband and wife as part of divorce. The court order dividing a retirement plan is called a Qualified Domestic Relations Order or QDRO for short (QDRO is pronounced “quad-row”). There are two Read More

ESTATE TAX PORTABILITY

Window of opportunity The IRS has opened a temporary window to apply for retroactive estate tax portability of the unused exemption amount for decedents who died in 2011, 2012, or 2013.  IRS Revenue Procedure 2014-18 issued in late January provides a window for Read More

ESTATE TAXES AND IRAs

Karen S. Hindson Here are some tips about estate taxes and IRAs. If your estate is large enough to be subject to estate taxes, you need to know that a traditional IRA is subject to estate tax on the IRA value prior to Read More

REVOCABLE TRUSTS AND TAXES

Karen S. Hindson Georgia and South Carolina estate planning clients frequently ask whether creating a revocable trust saves income tax or estate tax.  The answer is that generally, revocable trusts do not avoid income or estate taxes.  Here are some of the rules Read More

Estate Planning and Income Tax Basis of Gifts

Are you estate planning in Georgia? Our estate planning clients often ask about transferring assets to their children during the client’s lifetime rather than at death.  One of the important factors to consider in making this decision is the income tax basis of “gifted” versus Read More

USING A TRUST TO PLAN FOR YOUR INCAPACITY

Morning Walk Trusts are often used as an estate planning tool in Georgia, South Carolina, and other states.  Here are some strategies to consider in using a trust to plan for your incapacity. Create a trust and transfer assets now Create a trust and transfer Read More

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