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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Investing in a Limited Partnership? Beware of the PAL Rules
In businesses structured as limited partnerships, the advantage of being a limited partner (as opposed to a general partner) is that you’re typically not personally liable for the partnership’s debts. This is why many ventures use limited partnerships to attract investors — because, as a limited partner, your liability is generally confined to your investment,
Estate Planning: Review Your Beneficiary Designations Regularly
You may think of a will or living trust as the primary place to dictate who’ll receive your assets after your death. But for many people, a large portion of their assets — perhaps even most of them — will be distributed according to beneficiary designations. These generally apply to retirement accounts, life insurance policies,
Trump Accounts Go Live and the IRS Provides Tax-Reporting Relief
Parents, grandparents, and others can now contribute to Internal Revenue Code Section 530A accounts — also known as “Trump Accounts” — to benefit eligible children. This new type of tax-advantaged savings vehicle was created by last year’s One Big Beautiful Bill Act. Now that 530A accounts have gone live, here’s an overview of what anyone
Claiming the QBI Deduction for Rental Real Estate
The One Big Beautiful Bill Act (OBBBA), enacted in 2025, made permanent the federal income tax deduction for qualified business income (QBI). This break was originally introduced under the Tax Cuts and Jobs Act. Many business owners have been curious about whether and how this tax break may apply to their rental real estate activities.
The Stepped-Up Basis Rules Are More Important Than Ever in Estate Planning
Because of recent tax law changes, income taxes — not estate taxes — are now a more significant focus in estate planning. And one key planning area is the step-up in basis, which affects the capital gains tax heirs owe when they sell inherited assets. Why Income Taxes Are a Focus The 2026 federal gift
Estate Tax Return Filings Are Essential to Preserving Portability
For 2026, the federal gift and estate tax exemption is $15 million. That’s effectively $30 million for a married couple, assuming both spouses’ exemptions are available. (For 2027 and beyond, the exemption will be adjusted annually for inflation.) If the dollar value of your taxable estate exceeds the exemption, your estate will get hit with
Renovating Your Home? Don’t Overlook Tax-Saving Opportunities
Although home improvements are often expensive, they can also create tax-saving opportunities. But just as renovations involve many details — measurements, materials, specifications and so forth — applicable tax breaks come with rules and limits all their own. Let’s explore some possibilities. Claiming a Mortgage Interest Deduction If you itemize deductions on your return, you
Update on the First-Year Depreciation Tax Rules for Businesses
The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. There are annual inflation adjustments to keep track of, as well. Here’s an update on the first-year depreciation rules for yet-to-be-filed 2025 federal income tax returns and the 2026 tax year. 100% First-Year Bonus Depreciation
Are You Up to Speed on the Auto Loan Interest Deduction?
The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, includes a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published in the Federal Register proposed regulations addressing the write-off — which is available regardless of whether taxpayers itemize on their tax returns —