June 2019 Roundup for Professional Advisors

Your address can impact your taxes when it comes to real estate, asset distribution and more. (Chula Vista Bayfront Park)
Your address can impact your taxes when it comes to real estate, asset distribution and more. (Chula Vista Bayfront Park)

In our roundup for professional advisors, we explore charitable gift annuity, scams to beware of during tax season, gifts of real estate and more. Read below to stay in-the-know on industry news.

Roundup for Advisors

Personal Planner: Where You Live Affects Your Taxes
Where you live can affect the rights of your heirs, the distribution of your estate assets and whether there will be estate taxes. There are two basic words that are used in common language but may have quite different legal meanings. You may be a “resident” of a given location, but you can only have one “domicile.”

Washington News: The New ‘Taxpayer Friendly’ IRS?
On June 13, the Senate passed the Taxpayer First Act and sent the bill to the President for his signature. The Taxpayer First Act includes seven specific areas designed to help taxpayers, including better customer service, reasonable settlements and protection from identity theft.

Article of the Month: How to Collect Charitable IRA Beneficiary Designations
Traditional IRAs are funded with pretax dollars and grow tax free. Many traditional IRAs are created through rollovers of other types of qualified plans at retirement. The payouts from traditional IRAs are ordinary income because these IRAs are funded with pretax dollars. With substantial retirement plan values, there are obvious benefits for charitable individuals who transfer IRAs or 401(k) plan to charity through beneficiary designations.

Savvy Living: Choosing an Executor for Your Will
An executor is the person or institution that will be in charge of administering your estate and carrying out your final wishes. Choosing an executor is one of the most important decisions when preparing a will. This article helps individuals select an executor who can help ensure the prompt and accurate distribution of possessions with minimal problems.

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