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Family Estate Planning

The Biggest Threat to Your Legacy is Family Conflict

According to a recent poll by TD Wealth, 44% of accountants, attorneys, and trust officers believe that family conflict is the biggest threat to your legacy. Taxes have long been considered the biggest obstacle to transferring wealth, at least by those unfamiliar with the ravages of family conflict. As recently as 2001, the estate tax exemption amount was $675,000, and the value of assets in an estate exceeding that amount was taxed at 55%. There has never been a more tax-friendly time to leave behind a legacy....


20% QBI Deduction: Some Landlords Must Revise Lease Under New Tax Law

The 20 percent qualified business income (QBI) deduction is a huge boon to qualifying taxpayers. Essentially, a qualified business with $100,000 in profit can use the QBI deduction to reduce taxable income to $80,000. Under the guidelines the IRS introduced less than a month ago, in order for landlords to qualify, they must actively manage rental property.  To be considered an “active trade or business” a landlord must log 250 hours per year toward management of the rental property.  Time reports should include a description of...