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) ...
HM&M Accounting, Audit and Assurance*, & Tax Blog
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 ...
Significant appreciation in business and investment real estate can create both opportunities and challenges. The tax liability associated with the sale of an appreciated property can make it challenging to reposition real estate holdings. A ...
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 ...
Business Reporting Burden Eased As a result of a provision in the One Big Beautiful Bill Act, an administrative reporting burden for businesses has been eased. For 2025 and prior years, businesses had to issue ...
If you’d like to benefit your favorite charities while creating an income stream for yourself or a loved one, consider incorporating a charitable remainder trust (CRT) into your estate plan. It can reduce the size ...
For manufacturers planning to build new facilities or expand their existing plants, last year’s One Big Beautiful Bill Act (OBBBA) introduced a powerful new tax incentive. Over the next several years, manufacturers may immediately expense ...
In theory, when you sell stocks or mutual fund shares, calculating your gain or loss for tax purposes is simple: It’s the difference between the sale price and your cost basis. In practice, however, it ...