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November 12, 2018

Top 5 Non-Tax Reasons to Have an Estate Plan

In this podcast, Anu Joshi from our Family Wealth and Individual Tax Planning Group discusses the top 5 non-tax related reasons you need an estate plan, from dividing your wealth to protecting your well-being.

https://www.aslcpa.com/wp-content/uploads/2018/11/Anu-Podcast-11.9.18-FINAL.mp3

Read the Top 5 Non-Tax Reasons to Have an Estate Plan article.

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Categories: Fall 2018, Family Wealth & Individual Tax Planning
Tags: Anu Josh, estate planning, Family Wealth, Podcast,
August 8, 2018

The New Form 1040 - Navigating the Postcard

In this podcast, Chris Madrid from our Family Wealth and Individual Tax Planning Group discusses the recently released draft of the new Form 1040 and the changes taxpayer’s should look out for.

https://www.aslcpa.com/wp-content/uploads/2018/08/The-New-Form-1040-–-Navigating-the-Postcard-Chris-Madrid.mp3

Read The New Form 1040 – Navigating the Postcard/ article.

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Categories: Family Wealth & Individual Tax Planning, Tax Reform
Tags: Christine Collins Madrid, Family Wealth, Form 1040, Podcast, Taxpayers,
August 2, 2018

The New Form 1040 - Navigating the Postcard

By Christine Collins Madrid, CPA, Tax Director

The IRS recently released a draft of the new Form 1040, which has had a dramatic makeover. The new form is a large postcard-size document (half the normal page size), which may be a nod to President Trump’s campaign promise to simplify the tax code to the point that an average American could fill out their form on a postcard. Forms 1040EZ and 1040A have been eliminated, so all taxpayers will be using this new Form 1040 beginning with the 2018 tax year. (more…)

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Categories: Family Wealth & Individual Tax Planning, Summer 2018
Tags: Christine Collins Madrid, Family Wealth, Form 1040, Taxpayers,
February 2, 2018

All in the Family - Transferring Your Vacation Home

Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If you plunge ahead without careful planning, it could disrupt harmony and lead to a “family feud.” In some cases, relationships may be severed forever. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate planning, Family Wealth, Vacation home,
November 16, 2017

2017 Gifting and Gift Tax Returns

By Jackie Phan, CPA, Tax Manager
ASL Family Wealth & Individual Tax Group

The season of giving is almost upon us, but will generosity to friends and family trigger a gift tax return filing requirement? The main tax advantage of gifting during your lifetime is the removal of assets that would otherwise be included in your gross estate and be subject to federal estate tax upon your passing. But even if your estate is under the current estate tax filing threshold of $5.49 million per taxpayer for 2017 (or $5.6 million in 2018), you may still be required to report gifts you made during the tax year. The annual gift tax return, IRS Form 709, is due April 15th following the calendar year the reportable gifts were made.

(more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: Family Wealth, Gift Tax Annual Exclusion, Gift Tax Returns, Gifting Strategy,
August 18, 2017

Titling of an Asset Affects Transfer After Death

By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group

A common misconception is that once you have a will and a living trust in place, nothing else needs to be done in order for your assets to be distributed at your death according to your wishes. The mere listing of an asset in the trust agreement does not make it a trust asset. Actually, assets have to be held in the name of the trustee, (i.e. the title of the asset has to be transferred to the trustee of the trust,) in order for the asset to be subject to the terms of the trust agreement. At the same time, certain types of assets pass by other means, irrespective of whether or not a will or trust is in place. You will want to understand these differences in order to appropriately title your assets to make sure they are transferred as you intend at death.

(more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: anu joshi, Family Wealth, Titling of an Asset,
May 31, 2017

Charitable Remainder Trusts Still Create Tax Deductions

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…)

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Categories: Family Wealth & Individual Tax Planning
Tags: anu joshi, charitable remainder trusts, crt, Family Wealth, individual tax, tax deductions,
February 9, 2017

Spotlight: Impact of Estate Tax Repeal on Income Taxes

By Julie Malekhedayat, CPA, Principal
ASL Family Wealth & Individual Tax Group

Estate tax repeal is on the wish list of both the Republican party and the new President and is an idea that is generally popular with voters. However, a repeal of the existing transfer tax system would likely impact taxpayers in ways they are not aware of.  In 2015, only 4,918 estates paid estate taxes, but the beneficiaries of all estates benefited from the income tax savings of a higher tax basis for the assets they inherited.  Historically the repeal of an estate tax has been accompanied by changes in income tax rules that could reach far more taxpayers than the estate tax itself. (more…)

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Categories: Family Wealth & Individual Tax Planning
Tags: estate tax, Family Wealth, Individual, new President, Republican Party, tax planning,

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