Address Digital Assets in Your Estate Plan
Today, almost everyone owns some sort of digital asset – and some of these assets can be quite valuable. But if your estate plan doesn’t account for digital assets property, your heirs may not be able to access them. So, factoring these intangibles into your estate plan is essential. What Are Digital Assets? Financial transactions are
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Happy Holidays from Hancock/Dana!
As the holiday season is upon us, we want to take a moment to express our heartfelt gratitude for your continued trust and partnership throughout the year. It has been a pleasure working with you, and we look forward to more opportunities in the year ahead. In the spirit of the season, we are taking
Business Owners: Expiration Date Is Approaching for Certain TCJA Provisions
The Tax Cuts and Jobs Act (TCJA) included many important federal income tax provisions that affect small business taxpayers and their owners. Some of these provisions are scheduled to expire in the near future unless they’re extended or made permanent by Congress. Here’s an overview of five key provisions that may soon come to an
It’s Time to Think About Today’s Favorable Gift and Estate Tax Rules
The Tax Cuts and Jobs Act (TCJA) dramatically increased the unified federal gift and estate tax exemption from $5.49 million in 2017 to $13.61 million in 2024. If you’re married, you and your spouse have separate exemptions, for a total of $27.22 million for this year. Another inflation adjustment is scheduled for 2025. If you’re
Some Retirement Plan Benefits Will Increase for 2025
With the 2025 tax year almost here, there’s news from the IRS about retirement savings. According to a recent announcement from the tax agency (Notice 2024-80), there will be increases in some retirement plan contributions next year due to inflation adjustments. However, with inflation coming down, not all types of retirement plans will see increases,
2024 Golf Outing
We may have picked the hottest day of the year, but that didn’t stop us from having a blast at The Pines Country Club for our H/D golf outing! Our winning group, shooting a 66, was Charlie Dorn, Stephanie Vanicek, Brian Gough, and Nic Maxfield – congratulations!
Smart Tax Planning Pays Off
If you’re financially successful or expect to become so, taxes are or will become one of your biggest expenses – and most people want to minimize their tax obligations. Roughly two-thirds of Americans say that they pay too much in federal income taxes, according to a poll earlier this year from the University of Chicago Harris
Demystifying Personal Casualty Losses
In recent years, many Americans have been the victims of natural disasters. If you’re unfortunate enough to suffer a personal casualty loss, here are the federal income tax implications. Limited Deductions for Personal Caualty Losses In theory, the federal income tax rules allow you to claim an itemized deduction for personal casualty losses that aren’t
Working on Your Estate Plan? Consider a Revocable Living Trust
If you’ve reached an age when you really want to start working on your estate plan, one arrangement to consider is a revocable living trust. Perhaps you’ve heard of one, but you’re fuzzy on the details. Here are the basics. You create a revocable living trust while you’re alive and can cancel it at any
Tax Credit Cuts Price of Home Energy Audits
Homeowners have long been rewarded with favorable tax treatment for making energy-efficient improvements. The Inflation Reduction Act, enacted in 2022, expands the tax credit for qualified energy-efficient improvements to help subsidize home energy audits, which can result in even more savings in your utility bills. Recent IRS guidance sheds some light on the credit. Overview The