Estate Planning Discussions: difficult, emotional and stressful
Delaying these discussions can lead to significant family hardship and a loss of highly prized and hard-earned assets.
Navigating the Step-Up Tax Basis Rule
Do not try this at home alone. Consult with your tax adviser to determine the best course of action regarding your entire tax liability.
Non-Resident Estate Tax Trap
If you aren't a citizen or resident of the United States, and want to own U.S. shares, don't hold them in your own name.
Estate tax future unclear
Many commentators do not believe that a permanent fix for the federal tax will emerge anytime soon.
IRA Beneficiary Designation Planning
When an estate or another non-individual is a primary beneficiary, the entire IRA must be distributed within five years after the original owner's passing.
BUSINESS SUCCESSION LEGAL PLANNING
By Parag Patel, Esq. If the U.S. Government is your favorite charity, rest assured, it will find a way to use your donation. But wouldn’t it be better to give your money to your children?
15 IRS Audit Tips
1. In an audit, you must convince the IRS that you reported all of your income and were entitled to any credits, deductions and exemptions that are questioned. 2. Delaying the audit usually works to
Naming A Minor as Your IRA Beneficiary
IRAs and qualified plans are great vehicles for saving for retirement. Contributions to the plans are not taxed, and the assets inside the plan enjoy tax free reinvestment and accumulation. The income tax is payable
Estate Planning for Non-US citizens
Estate Planning for Non-US citizens By Parag Patel Esq. Non-US citizens (greencard holders or H-1 visaholders) are severely discriminated against by US estate tax laws. Since estate taxes are based on the size of your
Introduction to Estate Planning
Estate planning is concerned with the use, conservation and disposition of a person’s property and wealth. This involves two elements: (1) minimizing the gift or estate tax consequences that occur when a person’s property is
GRATS: A Great Estate Planning Tool
As its name implies, in a GRAT, you, the grantor, retain the right to an annuity for a fixed period of years from assets you’ve placed into a trust.
ESTATE PLANNING: MORE THAN A WILL
By Parag P. Patel, Esq. During our lifetime, most of us strive to create and build upon our net worth. We generate savings, purchase a home, and eventually invest in stocks, bonds, mutual funds, IRAs