The SECURE Act of 2019 (the “Act”) has been signed into law and went into effect on January 1, 2020. It has several income tax provisions that affect individual taxpayers, including two important areas, retirement accounts and 529 college savings plans. The Act provides a good incentive to review the naming of your beneficiaries and ensure you take advantage of the tax incentives.
Trust and Estate Planning
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Tax Planning for Individuals
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A discussion on BKD's “Simply Tax” podcast on the importance of year-end planning. Guests Holly Pantzer and Susan Jones join host Damien Martin for a closer look at key considerations for individuals following the recent tax law changes as they share their firsthand experiences from recent year-end planning discussions. Here's a look at what's inside this episode:
As taxpayers head into the homestretch of 2019, some might be surprised that most of the year-end tax highlights for businesses refer to provisions of the Tax Cuts and Jobs Act enacted in late 2017. It makes sense, though, when considering that the IRS has released a host of regulations and other guidance interpreting many of the new rules. Moving forward, there are five year-end tax items to consider for your business: revenue recognition; business interest deduction; qualified business income deduction; bonus depreciation; and transition and exit planning.
With the new year around the corner, it’s time to start thinking about what you can do now to manage your tax bill for 2019. To help you get started and avoid last-minute scrambling for tax deductions, there are five topics you should discuss with your tax advisor: capital gain opportunities; capital loss opportunities; making your K-1 a number one priority; deduction management; and giving while you’re alive.
Maximizing Tax Benefits Through Charitable Giving
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Is there a better way for investors to donate to charity? Learn how to maximize a portfolio’s tax benefits—and increase the size of the gift—through charitable giving.
Many states are imposing a millionaire’s tax with huge implications for top earners. Explore how aggressive tax-loss harvesting can soften the blow.
A trustee of family trusts must understand the legal duties and deliver them with a keen appreciation of family dynamics. We will discuss the range of trustee and beneficiary responsibilities as well as practical tips for making the trustee-beneficiary relationship work effectively. Members will share their experiences as trustees.
The Engaged Beneficiary: What You Need to Know
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What does it mean to be an engaged and responsible beneficiary? We will explore the roles and responsibilities of a trustee, and learn from a father-daughter team about how they make the trustee-beneficiary relationship work. We will understand the roles each party plays and how to effectively approach trust-related communications.Robert Hammett, Vice President, ChiFam LLCStephanie Hammett, ChiFam LLC, NextGenSarah Kerr Severson, Partner, Schiff Hardin, LLC
What are the tax benefits of investing in Qualified Opportunity Funds? A closer look assesses the opportunities —and the risks.