Year: 2021

The tax gap, as defined by the IRS, is the difference between the amount of tax owed by taxpayers for a given year and the amount that is actually paid voluntarily and timely. The tax gap is intended to represent,…

Many of our clients have minor children in their families, whether they are children, grandchildren, or other relatives. If you want to make these children part of your estate plan, there are a few important considerations to make before you…

As the month of August came to an end, I prepared to send my oldest child to college.  This entailed not only shopping for twin XL sheets and sharing my wisdom with her but paying that first tuition bill.  I…

An important part of lifetime planning is the power of attorney. A power of attorney gives one or more persons the power to act on the principal’s behalf as their agent. The power may be limited to a particular activity,…

When taxpayers fail to comply with noncash charitable contribution reporting requirements.. If you itemize your deductions on your tax return, you may be eligible to deduct charitable contributions to offset your tax liability. Charitable contributions can be cash donations or…

Earlier this year we reported President Biden’s tax plan which included items such as raising the corporate tax rate, raising the highest marginal income tax rate, eliminating the step-up in basis at a taxpayer’s death and revising the estate tax…

If you are the agent under a power of attorney for a parent or loved one, you may often sign documents on their behalf. However, it is important to be careful what you sign – and how you sign it.…

Many of our clients have heard of the “five-year lookback” but few understand what it actually means. In essence, since Medicaid is a payer of last resort, the government wants to ensure that people are not divesting themselves of assets…

A Charitable Lead Trust (“CLT”) is tax beneficial way to achieve a donor’s philanthropic goals and pass assets to heirs at a reduced transfer tax rate. A CLT is a powerful tool for donors who anticipate high estate and gift…