Collections and Estate Planning – Charitable Gifting
Part 4 of 4 Collections as Charitable Gifts: What You Need to Know How do you feel when you think about giving or donating your collection? Does it fill you with excitement to give something…
Form 1099-R: Tax Filing for Retirement Accounts
The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 eliminated the need for retirement account holders to take Required Minimum Distributions (RMDs) in 2020. While many individuals simply did not take their RMD,…
Collections and Estate Planning – Potential Tax Concerns for Collectors and Collection Owners
Part 3 of 4 Collections can grow organically or you may have a specific plan for acquisitions. Between seeking out items, researching them, and connecting with others about the objects, you’ve likely spent a great…
Collections and Estate Planning – Division of Assets
Part 2 of 4 Whether you collect first-edition books or sports memorabilia, you’ve likely put significant time, effort, and money into the items you’ve accumulated over time. Regardless of what they’re worth, it’s not unusual…
Collections and Estate Planning – How Your Collections and Collectibles Affect Your Estate Plan
Part 1 of 4 Every year since his son, Matthew, was born, Pete Robinson would buy a bottle of fine scotch as a little celebration. The New York Post reported that Matthew inherited 18 consecutive…
Qualified Charitable Distributions (QCDs) on Your Tax Return
We wrote a blog last year highlighting a charitable gifting strategy that became more attractive for many families under the new tax law. That strategy, known as Qualified Charitable Distributions (QCDs), allows you to make…
Five Year-End Financial Planning Strategies to Consider
It’s that time of year again when sweatshirts and winter jackets come out of storage. With the chaotic holiday season approaching, it’s easy to push aside any thoughts relating to financial planning, which is why…
Realize Your Long-Term Capital Gains and Pay $0 Tax? See if this Applies to You!
Current tax law applies a 0% long-term capital gains rate to the extent long-term capital gains fall within the bottom two tax brackets. This can be a great planning opportunity, but it is important to…
Tax Planning for 2018 and Beyond: Gifts to Charity Can Qualify as Required Minimum Distributions (RMDs)
We often advise our clients on the tax-savvy option of donating appreciated stock to their favorite charity instead of writing a check. In 2015, the Federal Government made another tax-advantaged way to donate to charity,…
A New Way to Receive Donations: IRA Distributions to Charity
In an early-2015 blog, we talked about the option of making gifts to charity directly from an Individual Retirement Account (IRA) to satisfy one's Required Minimum Distribution (RMD). This strategy is known as Qualified Charitable…