Donor-advised funds (DAFs) have become the fastest-growing vehicles for charitable giving, bringing in billions of dollars in contributions each year. While they are operated and administered by nonprofit organizations (or “sponsors”), donors receive a simple, flexible and tax-advantaged method for…
People spend a significant amount of time building their wealth and carefully creating trusts and estate plans to protect and preserve their assets for future generations. Yet, when it comes time to name a trustee to carry out their wishes…
The income you earn during the year is subject to federal taxes, regardless of whether you receive employment wages, business profits, investment returns, Social Security benefits and even gambling winnings. Conversely, property you receive as a gift, bequest or inheritance…
It is no secret that the U.S. tax code is complicated. Compliance with U.S. tax laws is particularly onerous for foreign persons, especially when considering that different rules apply for income and estate tax purposes, and neither depends on an…
Trusts are essential to estate planning, regardless of your financial means. After all, you do not have to be a millionaire to protect your family members and plan for their continual care after you are gone. With a trust, you…
There are times when you may find yourself short on cash to cover necessary and often significant expenses. This may include circumstances when you have unexpected medical bills and home repairs or you would like to help your child pay…
The more wealth a family acquires, the more tools they need to preserve those assets for future generations and protect them from the long arms of tax agencies in the U.S. and abroad. One such tool earning the attention of…
Effective Jan. 1, 2025, the federal estate tax exemption increased to $13.99 million, or $27.98 million for married couples filing joint tax returns. This means that individual taxpayers can transfer up to $13.99 million in assets to their heirs (or…
In 2019, the IRS reassured ultra-high-net-worth families that any gifts they make between 2018 and 2025 to remove assets from their taxable estates under the generous but temporary provisions of the Tax Cuts and Jobs Act (TCJA) would not lose…
If you purchase a qualifying new or previously owned plug-in or hybrid electric vehicle (EV) or fuel cell electric vehicle (FCV) this year, you may qualify for a tax credit. Generally, the credits are nonrefundable, meaning they can only reduce…
