Selecting Your Fiduciary

When formulating estate plans, most people carefully consider to whom they should give their “stuff.” Who gets the piano? The book collection? The emerald ring and the antique pocket watch? But the process of choosing fiduciaries – the trustees, personal representatives, and agents – is handled as if bestowing an award upon them rather than interviewing them for a job. Read More

Disclaiming Retirement Benefits

In a previous article, we discussed what to consider when naming your retirement plan beneficiary. This article addresses an additional point to take into account if you’ve decided to list your adult children as outright beneficiaries “per stirpes” – meaning that if the adult child predeceases you, his or her children will equally share the predeceased beneficiary’s share. Read More

IRA Charitable Rollover Made Permanent

Thanks to the year-end tax and budget deal which was signed into law by Congress on December 18, 2015, the Charitable IRA Rollover has been made a permanent part of the U.S. Tax Code. The change allows you to transfer up to $100,000 per year of your pre-tax IRA to a public charity without being required to include the distribution in your taxable income. In order to exclude the income, you must forego the charitable income tax deduction. Read More

Photos of Deceased Loved Ones: Sharing May Not be Caring

Wanting to pass photos of loved ones to family members after their death is understandable. Whether in tangible or electronic form, looking back on photos is a way to remember our loved ones and the happy times we shared with them. However, our loved ones may not have envisioned their photos posted on the internet, uploaded to social media sites and shared with people they never met. Read More

Preserving Genealogy for Future Generations

Researching genealogy is a popular pastime for many. Given the subject matter, you would think that a priority for those researching the history of their families would be to preserve and pass on that information for future generations. Unfortunately, it is often not that simple. Read More

Pet Related Tax Deductions

While only California has begun a movement to treat pets as dependents, there are a number of deductions already available within the federal tax code that can be applicable to pets in certain situations. Do any of these scenarios apply to you and your pet? Read More

Tax Consequences of a Michigan-Florida Residence Change

If you are a Michigan resident who spends more than half of your year in Florida, you may be wondering whether it is advantageous to officially change your residence to Florida. As with all tax and estate planning matters, the answer will vary depending upon your unique situation. However, the most common considerations deal with income taxes and exemptions for homestead (Florida) and principal residence (Michigan). Read More

Updating Your Estate Plan after a Move to Florida

So you’ve made a move to Florida. Do you need a new will and trust? Most often, the answer is no. Generally speaking, an estate plan that was validly executed in the state where it was signed is valid in all other states. However, there are some scenarios which merit updating an estate plan to conform to Florida law. If your estate plan falls within either of these categories, it’s time for an update. Read More

Gifting to Grandchildren: The GSTT

Did you know that if you leave money directly to your grandchildren, the funds may be taxed twice? The Generation Skipping Transfer Tax (GSTT) is responsible. Understanding the GSTT requires a discussion of both of life’s two certainties – death and taxes. Read More