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Financial Advisor Assisting Senior Woman

IRS simplifies procedure for obtaining extension to make portability election

By Legacy Protection, LLP |

Last month, the IRS issued a Revenue Procedure that allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that permits a surviving spouse to take advantage of the deceased spouse’s unused combined gift and estate tax exemption (currently $5.49 million). But portability isn’t… Read More »

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20170630

Are you familiar with fraudulent transfer laws?

By Legacy Protection, LLP |

A primary goal of your estate plan is to transfer wealth to your family according to your wishes and at the lowest possible tax cost. However, if you have creditors, be aware of fraudulent transfer laws. In a nutshell, if your creditors challenge your gifts, trusts or other strategies as fraudulent transfers, they can… Read More »

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20170622

Leaving specific assets to specific heirs is an estate planning no-no

By Legacy Protection, LLP |

Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as a home, a car or stock — to specific people, you could end up inadvertently disinheriting someone. Unintended consequences Here’s an example that illustrates the problem: Kim has three children —… Read More »

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Business people communicating by television set

Videotaping your will signing may not produce the desired outcome

By Legacy Protection, LLP |

Some people make video recordings of their will signings in an effort to create evidence that they possess the requisite testamentary capacity. For some, this strategy may help stave off a will contest. But in most cases, the risk that the recording will provide ammunition to someone who wishes to challenge the will outweighs… Read More »

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A timely postmark on your tax return may not be enough to avoid late-filing penalties

By Legacy Protection, LLP |

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be… Read More »

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Saving tax with home-related deductions and exclusions

By Legacy Protection, LLP |

Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to a combined… Read More »

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2 benefits-related tax credits just for small businesses

By Legacy Protection, LLP |

Tax credits reduce tax liability dollar-for-dollar, making them particularly valuable. Two valuable credits are especially for small businesses that offer certain employee benefits. Can you claim one — or both — of them on your 2015 return? Retirement plan credit Small employers (generally those with 100 or fewer employees) that create a retirement plan may… Read More »

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Maximizing depreciation deductions in an uncertain tax environment

By Legacy Protection, LLP |

For assets with a useful life of more than one year, businesses generally must depreciate the cost over a period of years. Special breaks are available in some circumstances, but uncertainty currently surrounds them: Section 179 expensing. This allows you to deduct, rather than depreciate, the cost of purchasing eligible assets. Currently the expensing… Read More »

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Make a 2015 contribution to an IRA before time runs out

By Legacy Protection, LLP |

Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a good idea to use up as much of your annual limits as… Read More »

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College Credit

Who can—and who should—take the American Opportunity credit?

By Legacy Protection, LLP |

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must… Read More »

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