For families focused on long-term wealth preservation, dynasty trusts can be a powerful planning tool. When properly structured, these trusts can protect wealth and help reduce exposure to federal gift, estate and generationskipping transfer (GST) ...
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Tax-efficient wealth transfer using FLPs A family limited partnership (FLP) can be an effective estate and income tax-planning tool when properly structured. By forming an FLP to hold a family business, real estate, investments or ...
Becoming a new parent is life-changing in many ways, and your tax situation is no exception. While sleepless nights and new routines often take center stage, there are tax breaks that potentially can ease some ...
It’s common for related companies (e.g., brother-sister or parent-subsidiary) to lend money to one another, particularly when one needs financial support. To ensure the transaction is treated as a loan for tax purposes, the parties ...
Expanded disaster tax relief Two recent tax law changes strengthen relief for taxpayers affected by natural disasters. Beginning in 2026, personal casualty loss deductions are no longer limited to federally declared disasters. Certain state-declared disasters ...
Partnerships and limited liability companies (LLCs) — particularly start-ups — often lack the financial resources to offer salaries and benefits competitive with those of larger, established enterprises. One option to help these businesses attract and ...
Families looking for long-term, tax-advantaged ways to help children build wealth now have a new option to consider. The One Big Beautiful Bill Act (OBBBA) introduced Trump Accounts (TAs), a savings vehicle designed to encourage ...
Everyone should have an estate plan — including single people with no children. For married couples, the law generally assumes that one spouse will make financial and medical decisions if the other spouse dies or ...
The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, restored the more favorable pre-2022 limit on business interest expense deductions. That’s good news for many businesses, particularly those in capital-intensive industries, ...
Most married couples assume they should file joint income tax returns, and, usually, that’s the right choice. But under certain circumstances, filing separate returns may offer benefits. Bear in mind that the differences between married ...
The alternative minimum tax (AMT) resembles the regular federal tax system, but it has a different purpose. It’s intended to ensure that people with certain types of income still pay taxes, even if they otherwise ...
Over a certain amount, payments made in the course of a trade or business must be reported to the payees and to the IRS, using a specific form. The recently enacted One Big Beautiful Bill ...