Young Adults Increase Demand for Estate Planning Services

By WealthCounsel Staff on Oct 1, 2021 10:00:00 AM

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Estate planning services are in high demand as a result of the COVID-19 pandemic. Surprisingly, young adults are more likely than their middle-aged counterparts to have a will. This demand presents a unique opportunity to offer estate planning services to the eighteen to thirty-four year old demographic, as well as their older counterparts whose planning efforts are lagging behind.

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Year-End Planning with SLATs: 5 Key Points For Planning, Drafting, and Funding

By WealthCounsel Staff on Sep 24, 2021 10:00:00 AM

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The Tax Cuts and Jobs Act of 2017 (TCJA) doubled the federal gift and estate tax applicable exclusion amount (referred to here as “exemption”) from $5 million to $10 million (adjusted for inflation). In 2021, the federal gift and estate tax exemption is $11.7 million, which generally means that an individual can transfer $11.7 million of assets before having to pay a gift or estate tax (at a maximum rate of 40%). Unless new legislation is passed, this exemption will reset to $5 million (adjusted for inflation) on January 1, 2026. 

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Deducting Business Losses

By WealthCounsel Staff on Nov 27, 2020 10:00:00 AM

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by Steve Gorin, JD

Deductible business losses can lead to a reduction in—or refund of—income tax. This article will examine the various rules limiting the current deduction of business losses and a 2020 Internal Revenue Service (IRS) memo explaining the effect of these limits on the self-employment tax. In addition, this article discusses the impact of the coronavirus pandemic relief provided by the Coronavirus Aid Relief and Economic Security Act (CARES Act), effective March 27, 2020, which temporarily upended the 2017 tax reform.

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