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With the very real possibility that capital gains will be taxed at ordinary income rates for those making $1,ooo,ooo or more, it is time to consider the charitable remainder trust again. A charitable remainder trust (CRT) is a split-interest trust, with the grantor receiving an income interest and charity receiving the remainder. If you have …
Time for the Charitable Remainder Trust to Make a Comeback Read More »
Spent several days in San Antonio at the TexFed Tax Institute. Most of the discussion was about the Tax Cuts and Jobs Act (“TCJA”) after two years. The main takeaway was how poorly written the law is. If you recall the law was put together in about three weeks. While the lowering of the corporate …
The Tax Cuts and Jobs Act-How Bad Law is Created Read More »
The common wisdom is to select an LLC for a new business. That wisdom needs to be scrutinized. Sure forming an LLC is easy. Generally, the filing fees are less than a corporation, and the documentation is less complicated. While the LLC may remain the best choice for an investment, it can create issues for …
Contained in the TCJA, qualified opportunity zones are a new tax incentivized investment vehicle aimed at encouraging investment in low-income housing. Here are the highlights: If a taxpayer has a realized capital gain, taxpayer can invest the gain in a Qualified Opportunity Fund within 180 days and defer the capital gain. A Qualified Opportunity Fund …
A power of attorney is a document in which you give someone else the power to act on your behalf for financial transactions. Texas, like many states, has adopted a statutory durable power of attorney form. The form has a laundry list of transactions from which you can pick and choose from, and you can …
Time to Lighten Up With markets, both private and public, at all time highs, a lot of people are coming to me for ideas to mitigate the income tax hit of selling an appreciated asset. There are a number of charitable structures that a client may want to consider (i) charitable remainder trusts, (ii) donor …
I generally don’t recommend structuring a business as an S corporation. Unlike LLCs and partnerships, the S corporation rules (i) restrict the number and type of owner, (ii) provide no flexibility in allocating income and loss, (iii) do not allow a step up of the assets at death of the shareholder and (iv) unlike other …