by Joel Roettger | May 17, 2017 | Estate Planning, Tax
Are payments of health insurance premiums for a child, grandchild, or other party subject to federal gift? No, provided the payment is made correctly. I.R.C. § 2503(e)(2) excludes from gift tax any amount paid on behalf of an individual: (A) as tuition to an...
by Joel Roettger | May 16, 2017 | Estate Planning, Retirement Assets, Tax
When the owner of an IRA or 401(k) plan dies, the plan must pay out over some period of time. This is true regardless of whether the IRA/401(k) is a traditional account or a Roth account. The only exception is when the surviving spouse is named a beneficiary. In that...
by Joel Roettger | May 15, 2017 | Asset Protection, Estate Planning, Trusts
Ownership by the Other Spouse–It is not uncommon for a spouse with high liability exposure to transfer assets to his or her spouse with a lower risk profile. Tenancy by the Entirety (TBE)–TBE refers to assets titled in the name of husband and wife. A...
by Joel Roettger | May 11, 2017 | Charitable, Tax
Can an amateur sports league qualify as 501(c)(3) organizations? Yes, but only if the organization is organized and operated for purposes that are not merely recreational and not for the sole benefit of its members. Case in point: an adult men’s baseball league...
by Joel Roettger | May 10, 2017 | Estate Planning, Trusts
Under the Tennessee Trust Code, is a trustee required to give beneficiaries information about their trust? Not necessarily. The general rule is expressed in T.C.A. §§ 35-15-813(a) and (b). By default, a trustee is required to: Notify current income beneficiaries and...
