Are you a multitasker? If so, you may appreciate an estate planning technique that can convert assets into a stream of lifetime income, provide a current tax deduction and leave the remainder to your favorite charity — all in one fell swoop. It’s the aptly named charitable remainder trust (CRT).
CRTs have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act (TCJA) and other recent tax legislation. (more…)
By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group
As promised during his campaign, on April 26, 2017, President Trump unveiled a new broad tax-cut plan. Besides slashing business and individual tax rates and eliminating the net investment income tax and the alternative minimum tax, the proposal also includes eliminating certain itemized deductions such as the state and local income tax deductions. However, deductions for mortgage interest and charitable giving are expected to stick around. (more…)