The most comprehensive tax law change in decades, commonly known as the Tax Cuts and Jobs Act, was signed into law on December 22, 2017. Although the corporate tax cut provisions were a highly publicized aspect of the bill, the numerous and dramatic changes to individual income tax rules will change the landscape for most taxpayers, beginning with the 2018 tax year. For some, the estate tax changes will have a material impact as well. However, as widespread as these changes are, almost all are set to last only seven years, through 2025, unless Congress acts to extend or revamp the laws before then. (more…)
Do you know someone who suddenly became widowed when a beloved spouse passed away in the prime of life? You may have tried to console the widow or widower, but then resumed your normal daily activities. And the surviving spouse was left to pick up the pieces of his or her life, often on their own.
But this isn’t always “someone else’s” problem. It can happen to you or a member of your immediate family. The question is: Would you be prepared to cope emotionally and financially? Could you afford to live the same lifestyle? (more…)
Estate tax repeal is on the wish list of both the Republican party and the new President and is an idea that is generally popular with voters. However, a repeal of the existing transfer tax system would likely impact taxpayers in ways they are not aware of. In 2015, only 4,918 estates paid estate taxes, but the beneficiaries of all estates benefited from the income tax savings of a higher tax basis for the assets they inherited. Historically the repeal of an estate tax has been accompanied by changes in income tax rules that could reach far more taxpayers than the estate tax itself. (more…)
It’s healthy to take care of yourself every once and a while. I have two young children at home and sometimes, although it’s hard for me to admit, I have to make a conscious decision to do something for myself instead of always for them. In the same sense, today’s post is all about you instead of just your company. I interviewed Bill Melton, a partner in our Family Wealth Planning Group here at ASL, for his insights on some personal income tax considerations tech executives run across frequently in his practice…