Life insurance can provide peace of mind. But if your estate is large enough that estate taxes are a concern, it’s important not to own the policy at death. Why? The policy’s proceeds will be included in your taxable estate. To avoid this result, a common estate planning strategy is to set up an irrevocable […]
Read More… from An ILIT has many benefits, but options are available to undo it
Your estate plan should be flexible enough to adapt to changing laws, family circumstances and financial situations. If it includes an irrevocable trust, there’s a risk that the trustee will be unwilling (or unable) to make appropriate moves in response to changes. A trust protector can provide the needed flexibility and mitigate other risks that […]
Read More… from A trust protector can help ensure that your trust will fulfill your goals
A family limited partnership (FLP) allows you to manage and protect your wealth while gradually transferring it to your children or other heirs. Additional benefits include potential tax savings and protection from creditors. And you don’t have to own a business to have an FLP. FLPs in a nutshell To take advantage of an FLP, […]
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After you’ve filed your 2025 tax return, what’s next? It’s easy to move on to other things, but taking a little time to address some tax-related items now can help you stay organized and avoid issues later. Here are a few to-dos. Check your refund status If you’re getting a tax refund and haven’t received […]
Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions […]
The Fund Was the Distraction. The Audit Shield Was the Heist. Here’s What You Need to Know. In my career of watching Congress, the IRS, and the Tax Code do extraordinary things to each other, I have never seen anything like what unfolded in May 2026. A sitting President sued his own IRS, settled with […]
Read More… from The IRS Settlement That Should Make Every Taxpayer’s Head Spin
Telos: The Missing Ingredient in Strategic Planning and Tax Strategy Development Friends, here’s the deal: most strategic plans and tax strategies fail for the same reason many New Year’s resolutions fail. They start with activity instead of purpose. A business can have immaculate spreadsheets, a clever entity chart, and a tax memo thick enough to […]
Friends, I have been doing this since 1986. Reagan’s Tax Reform Act. Clinton’s rate hikes. The Bush cuts. The ACA surtax. The TCJA. And now the One Big Beautiful Bill Act (OBBBA). Forty years of legislative whiplash, and I can tell you with absolute certainty: what is happening right now in the Opportunity Zone world […]
I have lived through virtually every seismic shift this profession has thrown at us. But what is happening right now with artificial intelligence, and specifically generative AI? This is different. This is bigger. And the IRS just made it official. On June 24, 2026 , the IRS Office of Professional Responsibility dropped its “Introductory Guidelines […]
Everything You Need to Know About IRC §25F And Why You Should Be Paying Very Close Attention This Is a Big Deal. Like, Really Big. Brand-new federal tax credits that directly benefit individual taxpayers don’t show up every day. So when the One Big Beautiful Bill Act (OBBB) was signed into law on July 4, […]
Read More… from Congress Just Created the First-Ever Federal Scholarship Tax Credit
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