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Full-Text Articles in Law
Transferring Wealth With The Grantor Retained Annuity Trust: Gratifying Results At Low Cost, Barbara Freedman Wand
Transferring Wealth With The Grantor Retained Annuity Trust: Gratifying Results At Low Cost, Barbara Freedman Wand
Marquette Elder's Advisor
By using a Grantor Retained Annuity Trust (GRAT), a client can transfer significantly appreciating assets to family members at a reduced transfer tax cost. This article discusses strategies for maximizing the effectiveness of a GRAT.
Retirees Can Benefit From Roth Iras, Sara Buscher
Retirees Can Benefit From Roth Iras, Sara Buscher
Marquette Elder's Advisor
Contrary to past beliefs, Roth IRAs can benefit retirees. This article discusses retirement planning for individuals of retirement age. This article also discusses how Roth IRA conversions can optimize retirement income, strengthen estates, and reducing tax liabilities.
The Qualified Personal Residence Trust: Passing Wealth To The Next Generation At A Reduced Transfer Tax Cost, Barbara Freedman Wand
The Qualified Personal Residence Trust: Passing Wealth To The Next Generation At A Reduced Transfer Tax Cost, Barbara Freedman Wand
Marquette Elder's Advisor
Although the qualified personal residence trust can be effective for transferring substantial wealth to the next generation at a significantly reduced transfer tax cost, the transfer of a personal residence to family members can raise complex family issues. This article examines both the non-tax and tax issues related to the qualified personal residence trust, including qualification requirements under Section 2702 of the Internal Revenue Code.
Ticking Time Bombs In Ira Planning For Professionals, Jack E. Stephens
Ticking Time Bombs In Ira Planning For Professionals, Jack E. Stephens
Marquette Elder's Advisor
Individual retirement accounts (IRAs) are generally a significant part of any client's estate these days. Professional estate planners must familiarize themselves with the multifarious rules that affect IRAs and take into account basic planning requirements to avoid potential catastrophic tax traps for the client and liability for the advisor. This article highlights twenty-two significant issues with IRAs that estate planners must address.
Tax Rules Relating To The Sale Of A Principal Residence, Bradley Frigon
Tax Rules Relating To The Sale Of A Principal Residence, Bradley Frigon
Marquette Elder's Advisor
No abstract provided.
Tax-Efficient Wealth Transfer By An Elderly Couple, Allen F. Ross
Tax-Efficient Wealth Transfer By An Elderly Couple, Allen F. Ross
Marquette Elder's Advisor
A growing number of elders have amassed substantial assets as a result of adopting frugal lifestyles or making fortunate investments. This article proposes detailed plans for managing these individuals' taxes as their wealth is transferred.
Spending Assets Prudently For Quality Assisted Living, Jim Moore
Spending Assets Prudently For Quality Assisted Living, Jim Moore
Marquette Elder's Advisor
Most resident in assisted living communities depend on their after-tax annual incomes to pay their bills. Some also rely on contributions from family members. However, new methods of payment must be found if the senior housing industry is to serve more than just the small percentage of seniors who can afford private-pay assisted living on their income alone.
Wrestling With The Economic Growth And Tax Relief Reconciliation Act Of 2001: Useful Web Sites For Estate Planners, Kathryn Hensiak
Wrestling With The Economic Growth And Tax Relief Reconciliation Act Of 2001: Useful Web Sites For Estate Planners, Kathryn Hensiak
Marquette Elder's Advisor
Looking for information on complex estate planning and tax issues such as EGTRRA? One readily available, extremely economical resource is the Internet. Here are some tips for conducting research online, along with a listing of more than a dozen helpful Web sites.
Employment Tax Issues In Home Health Care Contracts, Ben A. Neiburger
Employment Tax Issues In Home Health Care Contracts, Ben A. Neiburger
Marquette Elder's Advisor
Seniors may receive care for which they pay the provider without realizing the tax implications if they are deemed the employer of the provider. Neiburger discusses the sometimes confusing differences between and independent contractor and an employee, and the various taxes and penalties, both federal and state (Illinois as an example) for which employers are responsible.
Basis In Inheritance After Egtrra, Sharon Kovacs Gruer
Basis In Inheritance After Egtrra, Sharon Kovacs Gruer
Marquette Elder's Advisor
This final section elaborates on establishing carryover basis in situations involving inheritances, focusing on changes established under EGTRRA (the Economic Growth and Tax Relief Reconciliation Act of 2001). Included are discussions of operating loss carryover, unused built-in losses, qualified spousal property, and property transferred prior to or after death. Marital planning, including QTIP trusts and allocation of basis issues, are explored.
Calculating And Adjusting Basis, Bradley J. Frigon
Calculating And Adjusting Basis, Bradley J. Frigon
Marquette Elder's Advisor
This section illustrates the various ways property may be acquired, and how the resulting basis may be established. Included are discussions of cost basis, exchange basis, exchange for service basis, and how basis may be adjusted, as well as the effects of improvements, depreciation, and allocation. Special rules for stocks, mutual funds, and home offices are explained. Rules for establishing basis at disposition are also included.
Tax Planning For Retirement , Vada Waters Lindsey
Tax Planning For Retirement , Vada Waters Lindsey
Marquette Elder's Advisor
As increasing life expectancy and inflation diminish the purchasing power of retirement savings, careful tax planning to maximize funds available to seniors is necessary. Lindsey discusses the taxation of various types of retirement income including traditional and Roth IRAs and Social Security benefits, and explains how careful planning can reduce income and estate taxes. The disparate effects of state income and estate taxes are also explored.
Maximizing The Benefits Of Estate Planning Bet-To-Die Strategies: Clats And Private Annuities , Peter Melcher, Matthew Zuengler
Maximizing The Benefits Of Estate Planning Bet-To-Die Strategies: Clats And Private Annuities , Peter Melcher, Matthew Zuengler
Marquette Elder's Advisor
Because the IRS must normally use actuarial tables to determine life expectancy, particular persons whose life expectancy may be much shorter than projected may be able to preserve a much larger than usual portion of family assets through the use of Charitable Lead Annuity Trusts (CLATS) or private annuity sales. The advantages, disadvantages, and basic tax considerations of each are shown through several detailed examples.