Summary: New IRS Ruling – if you have a grantor trust (e.g., GRAT, IDIT, etc.) you MUST visit your tax consultant and be sure you’re in compliance. This is another head spinner but an important one. We’ll simplify (a lot) to get you through it. Grantor trusts are trusts for which the income is…
Summary: Grantor Retained Annuity Trusts (“GRATs”) are a popular estate planning tool for shifting value to heirs with little gift tax impact. The current economic environment makes GRATs great. If Tony the Tiger were an estate planner, they’d be GRRRRRAT! What Are GRATs. GRATs are grantor retained annuity trusts. It is an estate planning…
Summary: How many ways can your brother-in-law Larry sell you insurance to your family business? “Let me count the ways.” To often the only insurance used is to fund a cross-purchase arrangement if a shareholder dies. There are a myriad of additional uses of life and disability coverage in the business context. Besides, your brother-in-law…
Use your 1040 to identify planning opportunities Thought you were done with your CPA after 4/15? Bad move. Now’s when the good stuff can be done. Call your CPA and book an appointment to review your recently filed 1040. Instead of focusing on getting a return done, pick your CPAs brain about what he…