Dec. 2018 Roundup for Professional Advisors

Roundup for professional advisors
In our roundup for professional advisors, we explore living trusts, tips to protect your identity during the holidays, qualified charitable distributions and more.

In our roundup for professional advisors, we explore living trusts, tips to protect your identity during the holidays, qualified charitable distributions and more. Read below to stay in-the-know on industry news.

Roundup for Advisors

Personal Planner: Living Trust – Life and Death Decisions
In discussing your living trust with your attorney, there are several important decisions for you to consider. Some of your decisions affect the management of property during life, and others will determine how your successor trustee manages your property for the benefit of family, friends and charity after you pass away. 

Washington News: Protect Your Identity During the Holidays
During December, the shopping season moves into high gear and identity thieves are also “shopping for your data” during this busy time. The IRS Commissioner stated, “With tax season quickly approaching, people should be extra careful during the holidays to protect their sensitive tax and financial data. Taking a few simple steps can protect this valuable information.”

Case of the Week: Bill Russell’s “Artistic” Unitrust
Bill Russell is rapidly gaining a national reputation and his art exhibits draw art lovers from America and the world. He was selling his paintings for $75,000 or more and, as a result, was facing a much higher income tax bill. Bill called his CPA and asked if there was a better way. Could his CPA find a way for Bill to sell his paintings tax free? 

Article of the Month: IRA Charitable Solutions – Part II
Individual retirement accounts (IRAs) are the largest pool of retirement assets in the U.S. Testamentary transfers of IRAs, 401(k)s, 403(b)s and other qualified retirement plans to testamentary charitable remainder unitrust (CRUTs) may be more attractive than leaving qualified plans outright to family. If the gift is structured correctly, the IRA will avoid estate tax and immediate income taxation.

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