Month: January 2018

With the dramatic increase in the standard deduction in 2018, to $24,000 for married couples, many charities are worried that the tax incentive for donations will disappear, leading to lower gifts.  Because the state and local tax deduction is now capped at $10,000, married taxpayers will need to have at least $14,001 in additional deductions […]

In 2009, Elizabeth Briggs amended her revocable living trust to disinherit her son, Thomas, leaving the trust assets to her daughter, Judith.  The amendment stated that Thomas knew the reasons for his disinheritance. After Elizabeth died in 2013, an attorney for the estate and trust advised Thomas that he had received no property from his […]

Several tax reform ideas affecting retirement planning were bandied about as the recent legislation was being prepared, including limits on deductible 401(k) contributions, elimination of “stretch IRAs,” and requiring minimum distributions from Roth IRAs, similar to the treatment of traditional IRAs. In the end, only one significant change made it into the final legislation, together […]

The tax reform legislation signed by President Trump on December 22 last year included an important change for many wealthier families. As of January 1, 2018, the amount exempt from the federal estate and gift tax has doubled, to $10 million plus inflation adjustments since 2011 (so $11.2 million in 2018, still higher in the […]

Bitcoin, the popular digital currency, went on a tear in 2017, rising in value by 900% in the first 11 months.  More and more investors are taking notice.  On November 30, 2017 The Wall Street Journal ran a front-page article, “Bitcoin Mania: Even Grandma Is In.”  On the advice of her grandson, Rita Scott invested […]