by Joel Roettger | Dec 16, 2017 | Tax
Don’t bother. The Tax Cuts and Jobs Act generally eliminates the deductions for state and local property taxes, income taxes, and sales taxes. Starting in 2018, an individual will only be able to deduct these items if they are paid or accrued in carrying on a...
by Joel Roettger | Oct 24, 2017 | Estate Planning, Tax
The IRS recently announced inflation adjustments to various estate and gift tax items for 2018. UPDATE: The information below is based on information released prior to the Tax Cuts and Jobs Act. For changes to the estate and gift taxes as a result of the Act, see...
by Joel Roettger | Aug 24, 2017 | Probate, Tax
A recent case from the Southern District of Indiana might make you think twice. Decedent died in Indiana. The claims against the estate totaled $1,812,621.69. The distributable assets of the estate were only $266,872.70. Thus, the estate was insolvent. A significant...
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 | Apr 28, 2017 | Estate Planning, Trusts
There are income tax consequences to transferring annuities for less than full and adequate consideration. If you are considering making a gift of annuities in trust, keep the following in mind: If an individual who holds an annuity contract transfers it without full...
