Category: Estate Planning

Reema Patel, CPA, CFP®, a partner at Councilor, Buchanan & Mitchell (CBM) and Stephanie Anderson, CFA, CFP®, CDFA®, a manager of financial planning and wealth management at CBM, are scheduled to present on effective retirement planning strategies for the Greater Washington Society of CPAs (GWSCPA). Their session, which will be offered virtually, is scheduled on Thursday, August 22 from 11 am to 12 pm EDT. Reema and Stephanie are both CERTIFIED FINANCIAL PLANNERSTM who collaborate with clients to pursue their… Read more ›

Serving as the fiduciary of a trust or estate requires specialized knowledge, organizational skills, time and meticulous attention to financial details. Individuals and corporate entities who serve in this role are also legally bound to follow a series of basic principles governing the decisions of fiduciaries including an expectation to act with reasonable care (called the duty of care), acting solely on behalf of the beneficiaries of the trust or estate (the duty of loyalty) and remaining impartial in serving… Read more ›

Many types of trusts are created with a similar goal in mind: to protect assets and the income they generate from a higher tax rate, creditors or other liabilities. A grantor trust is an example of a trust that lets the the holder (the grantor) protect the assets placed in trust by paying the tax liability on his/her personal 1040 return rather than deferring the tax liability to the trust and thereby cutting the amount ultimately paid out to the… Read more ›

Trusts can be an integral part of estate planning, offering tax advantages and giving individuals the ability to distribute their assets according to their desires. An individual who holds shares in an S corporation and who is considering gifting stock as part of planning their estate may wish to carefully consider the types of trusts available. In our article, Trust Types As An S Corporation Shareholder, we discussed several types of trusts that can serve as an S corporation shareholder…. Read more ›

An S corporation is a business structure that allows the passage of taxable income, losses, credits and deductions to shareholders, thereby preventing income from being exposed to the consequences of double taxation at the corporate and individual levels. Although an S corporation benefits from certain tax advantages, it also faces restrictions such as a limit on the number of shareholders – no more than 100. As part of estate planning, some individuals choose to take advantage of the availability of… Read more ›

At some time or another, construction company owners must hang up their hard hats. But what will happen to your business when you retire or move on to the next professional opportunity? And what if you suddenly can’t work for an extended period, because of illness or injury? Having a succession plan in place is key to ensuring business continuity. Even if you’re nowhere near retirement, it’s a good idea to start work on a succession plan early. The best ones… Read more ›

Estate planning involves a lot of moving parts. So you’d be forgiven for overlooking or forgetting about certain issues when making decisions about transferring wealth in the most tax-effective manner after you die. An experienced estate planner can help ensure you dot all the “i’s” and cross all the “t’s.” But if you’ve done some of your own estate planning or worked with different advisors over the years, a few things may have fallen through the cracks. Here are four… Read more ›

A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives. What is a Living Trust? A living trust is created while you are alive and funded with the assets you choose to transfer into it. The trustee (typically you) has full power to manage these assets.1 It will also designate a beneficiary, or beneficiaries, much like a will, to whom the assets are structured to automatically pass… Read more ›

For married people with large estates, the Tax Cuts and Jobs Act (TCJA) brings welcome relief from federal estate and gift taxes, as well as the generation-skipping transfer (GST) tax. Here’s what you need to know and how to take advantage of the favorable changes. Estate Planning Tips: Estate and Gift Tax Basics The TCJA sets the unified federal estate and gift tax exemption at $12.92 million per person for 2023 (up from $12.06 million for 2022). For married couples,… Read more ›

This article appears in a longer, more detailed white paper with exclusive content focused on building a strong financial foundation for early career stage professionals. Download the white paper here. Manage Your Debt Not all debt is bad debt, especially if you have a low interest rate that’s helping you finance an asset and thus increasing your net worth. A mortgage is an example of what is typically considered a good debt. Student Debt If you have student debt, it’s… Read more ›