Tax Planning

Gift Tax Exemption: Plan Today for Upcoming Changes


Please click the link below to see important information on gift and estate tax law changes.

Post-Exit Planning Video 6-New Retirement Options

Please join Wayne M. Zell, Esq. for this 6th of eight videos of Episode 6: Post-Exit Planning, which focuses on the new post-retirement paradigm, including discussion of job opportunities for seniors. Continue reading

Pre-Exit Planning Video 2-Family-owned business issues, Management Buy-outs

Please join Wayne M. Zell, Esq. for this 2nd of nine videos of Episode 4: Planning the Exit, which focuses on preparing to sell your business and special issues relating to family-owned and closely held businesses, who might be the potential buyers of your business and management buy-outs. Continue reading

Pre-Exit Planning Video 1-The Team and the End Game

Please join Wayne M. Zell, Esq. for this 1st of nine videos of Episode 4: Planning the Exit, which focuses on preparing to sell your business and assembling the “dream” team to help prepare for and negotiate an exit transaction for your business. Continue reading

Navigating Rough Waters Video 3-Building Processes for Management Succession

Please join Wayne M. Zell, Esq. for this 3rd of eight videos of Episode 3: Navigating Rough Waters, which discusses the need for building a process to anticipate unanticipated events and also focuses on management succession planning. It also discusses some of the more advanced estate planning techniques to use for high net worth and soon-to-be-wealthy business owners. Continue reading

Tax Act Changes Affecting Real Estate

By now, you have been bombarded with summaries and articles on the 507-page tax bill, formerly known as the “Tax Cuts and Jobs Act” of 2017, and signed into law by President Trump on Dec. 22, 2017 (the Act). Of all the massive changes included in the Act, those affecting… Continue reading

Tax Bill-Estate and Gift Tax Changes

Taxpayers will have an $11,200,000 each for estate, gift tax, and generation-skipping tax exemption beginning January 1, 2018, which will rise with the Consumer Price Index each year thereafter. There were no other
significant changes made to the estate and gift tax rules.  Continue reading

Tax Bill – More Observations on Individual Changes

In the few days remaining to manipulate your 2017 income tax liability, keep in mind the following additional points raised in the tax bill that was just signed by the President (please review my blogs over the past five days to refresh your memory on the other changes): Continue reading

Tax Bill – More on the New 20% Pass-Through Deduction

As I noted in a prior blog post, the new tax bill (TCJA) creates new Code Section 199A that provides for a 20% deduction for the non-wage portion of pass-through income. NOTE: The deduction is limited to 50% of an entity’s W-2 wages for married joint filers with income over $315,000 and single filers with income over $157,500. This deduction sunsets after 2025. Continue reading

Tax Bill – More Individual Planning

The tax bill (TCJA) repeals the deduction for personal exemptions. It increases the standard deductions for single filers to $12,000 and for married joint filers to $24,000. These changes sunset after 2025 (i.e., personal exemptions would be restored).  The deductions for state and local income, sales and property taxes (SALT) are capped at $10,000 in total. The deduction for mortgage interest is limited to be allowable only on up to $750,000 of acquisition indebtedness. Mortgages incurred on or before December 15, 2017 are grandfathered under the $1 million limit of acquisition indebtedness. The home equity interest deduction is repealed.  There is also a temporary change to the medical expense deduction, allowing clients to deduct medical expenses that exceed 7.5% of adjusted gross income (instead of 10%) in 2017 and 2018. TCJA increases the charitable contribution limit to 60% of adjusted gross income for cash contributions (also sunsets after 2025). NOTE: Contributions of appreciated property are still subject to a 30% of adjusted gross income limitation. The five-year carryover for unused charitable deductions remains. Given these changes, what should I do now?

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