A new look at SECURE Act 2.0 issues
The SECURE Act 2.0 has a new provision that speaks to the nature of auto-enrollment for new 401(k) plans. All eligible hires will be required to enroll at a pretax rate of 3% at the minimum. Furthermore, the mandatory enrollment will come with an auto-escalation of 1% annually, but this is only effective until the […]
Act now before historic estate, gift tax exemptions expire
Time is of the essence when it comes to estate planning. In just a couple years, the estate and gift tax exemption amounts could be cut in half, resulting in the potential loss of millions in tax savings. The Tax Cuts & Jobs Act of 2017 (TCJA) significantly increased the exemption amounts for gift and estate […]
Rising interest rates favor CRAT
Every family situation is different, which is why it is a good idea to determine what estate planning strategy makes the most sense for your financial priorities today and your goals for tomorrow. One strategy to consider is a charitable remainder annuity trust. A charitable remainder annuity trust (CRAT) allows the owner to create a trust […]
Step-up in basis rule is an heir’s best friend
The step-up tax adjustment has been under siege for decades but has so far survived the onslaughts. The provision, which reduces capital gains tax for estates, has been controversial since the 1970s. Policymakers would still love to get their hands on the bonanza in tax revenues it represents. There is a counterargument: If the law […]
What are the different types of trusts?
Trusts are used in estate planning to transfer assets to beneficiaries. Trusts have some advantages over wills, including skipping probate. That’s pretty basic. But it gets complicated when you try to figure out which type is right for you. Know the options available to help you make an informed decision. Living trust. You create it when […]
Start the New Year with gifts
What is the simplest estate planning tool around? Gifting! The New Year is a good time to make substantial annual gifts while you can control the funds with flexibility. Start your year’s tax planning now and reap the benefits and fun of being with your heirs and others as they enjoy your generosity. In 2023, […]
Planning for a Lifetime Legacy
Antares Group, Inc., Kanner Baker, LLC, Antares Wealth Management powered by Homrich Berg, and the Atlanta Ronald McDonald House Charities hosted an estate planning seminar in July for clients interested in learning effective estate planning strategies. The discussion and insights centered on the why’s and how’s of estate planning, charitable gift planning, updates on estate […]
Why donor-advised funds are worth a second look
It goes without saying that 2020 has been a year unlike any other, which makes relying on your trusted business and tax adviser for year-end tax planning even more important. We have offered 10 year-end tax strategies that you can take advantage of now, but there is one in particular that we want to discuss […]
Your estate plan: Don’t forget about income tax planning
With the estate tax exemption at $12.06 million 2022, many estates won’t be subject to estate tax. As a result, more planning can be devoted to saving income taxes for your heirs.
Donor-advised funds and private foundations can optimize your philanthropic impact
As we look at the potential increase in the capital gains rate, it is important to understand which tax strategies are available to mitigate your tax burden. A donor-advised fund or a private foundation are both great strategies to eliminate capital gains tax on long-term appreciated assets. Why donor-advised funds? Donor-advised funds are increasingly popular […]