Income Tax Strategies to Move Your Clients Forward

Posted by Robert L. Arone The 2019 estate tax exemption is $11.4 million per person, up from $11.2 million per person in 2018. According to the Tax Policy Center, only 4,000 estate tax returns were filed this year, with only 1,900 of those returns owing tax. Some industry experts estimate that less than one percent of all estates are taxable. Put another way, over 99 percent of all estates are exempt from estate tax. With the likelihood of clients having a taxable estate being relatively low right now (this is subject to change, of course), it only makes sense that clients focus on income tax planning. As a trusted advisor, you hold a crucial role in ensuring that our clients receive the best comprehensive strategy. Basics of Income Tax What is the income tax? Income tax is a tax paid on an individual or entity’s income that meets certain requirements. Taxable income can

Niche Trusts: A Chance to Collaborate

Posted by Robert L. Arone If there’s one thing we can all agree on, it is that each client is unique. Likewise, our approach to counseling these clients should be tailored to each one’s specific needs. Let’s work together to develop special plans that fit each client’s special circumstances. One key tool to consider is the niche trust. Usually, when we speak about a trust, we mean an “express trust.” An express trust is a three-way relationship between the grantor, the beneficiary or beneficiaries, and the third party, or trustee. The grantor has assets he or she wishes to distribute in a specified way to the beneficiary, and the trustee holds those assets on behalf of the beneficiary. The assets, financial needs, and wishes of each client are particular to that person, so the use of trusts needs to be part of a nuanced strategy. Enter the niche trust.

The Revocable Living Trust: Helping Clients, Growing Your Practice

Posted by Robert L. Arone Prevention Is the Greatest Cure Your clients trust you with their financial future and the legacy they want to leave behind. They rely on you to anticipate challenges, foresee trouble, and take preventative measures. When it comes to a client’s financial wellbeing, it is up to the trusted advisor to know what problems are likely to arise and to have solutions ready to help avoid conflict in the family, waste of resources, and other common pitfalls. One crucial tool to keep assets safe and to ensure they are distributed in the way your client wants is through the use of a revocable living trust. What Is a Revocable Living Trust? A revocable living trust (RLT), sometimes called a revocable trust or living trust, is an alternative to a will. It’s a document that instructs a trustee on how to manage the client’s assets during the

Portability and Married Couples: A Viable Option

Posted by Robert L. Arone For maximum benefit, estate planning should happen as a team effort, with CPAs, insurance professionals, financial advisors, and attorneys working together strategically and cooperatively. When it comes to helping married couples plan, today’s strategies need to be considerably more thoughtful than in previous years. Although the estate tax exemption is ever increasing, portability is still an important option, particularly for high net worth clients. Portability Is Here to Stay In fact, there’s really no downside to including portability in a plan, other than having to file a federal estate tax return. In the past, planners did not know whether portability was here to stay and were hesitant to rely on its benefits. However, at the beginning of 2013, portability laws became “permanent” under the American Tax Relief Act of 2012 (ATRA). It is now an essential part of estate and financial planning. Portability provides estate

What is the tax implication for a joint venture vs. a partnership?

By Eric P. Rothenberg, Esq. Partnerships and joint ventures share many similarities. However, there are significant differences business owners should be aware of when allying with another enterprise. Both are forms of legal structures used by business owners to combine resources, talents, or skills with another person or business. Business owners often mistakenly use the terms partnerships and joint ventures interchangeably. A partnership can be described as a voluntary association of two or more people who jointly own and carry on a business for profit, such as law firm partners who work together to provide legal services for gain. A joint venture, on the other hand, is typically a business undertaking by two or more people engaged in a single defined project. An expressed or implied agreement, a common purpose that the group intends to carry out, shared profits and losses, and each member’s equal voice in controlling the project

OARLawyers

Income Tax Strategies to Move Your Clients Forward

Niche Trusts: A Chance to Collaborate

The Revocable Living Trust: Helping Clients, Growing Your Practice

Portability and Married Couples: A Viable Option

What is the tax implication for a joint venture vs. a partnership?

How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

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Have A Question?

OARLawyers

Income Tax Strategies to Move Your Clients Forward

Niche Trusts: A Chance to Collaborate

The Revocable Living Trust: Helping Clients, Growing Your Practice

Portability and Married Couples: A Viable Option

What is the tax implication for a joint venture vs. a partnership?

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How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?