What's trending on NP Trusts & Estates

August 03, 2016

Author(s): Christopher F. Caldwell, EA, Deborah J. Wilcox Mabry, Jo-Ann Martin, Christine A. Sackett, Tiffany Wong

A checklist for retirement, the ins and outs of a prenuptial agreement, IRA contribution limits (and a detailed breakdown on deduction limits), administration options for small estates, tax tips for getting divorced and more. Here’s what’s trending in estate planning and wealth management.

Wealth Management

First comes love, then comes . . . a prenup

Prenuptial agreements used to be thought of for the wealthy or famous, but are becoming increasingly popular among “ordinary” couples. Prenuptial agreements can offer certain protections and planning opportunities before a couple says “I do.”—Julie M. Wood

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Retiring soon? Add these items to your to-do list

Retirement signals a new chapter of your life and many people enter it unprepared. Consider whether you are ready by reviewing these steps to a better retirement.—Thomas A. Stedman

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Individual Retirement Accounts

IRAs: contribution limits

Under current rules, there are instances where you may be able to contribute to a traditional or Roth IRA but not be allowed a current income tax deduction for this contribution. Depending upon your personal situation, a non-deductible contribution may still be attractive.—Jo-Ann Silva Martin

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IRAs: excess contributions

It is important to be able to recognize when a contribution to an IRA account exceeds the legal limitations. It is equally important to understand how to remedy this situation. Unfortunately, the remedies themselves are often confusing and must be approached with care.—Christopher F. Caldwell

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IRAs: deduction limits

Roth IRAs. Traditional IRAs. What are deductions that can be claimed on an individual’s federal income tax return for contributions made?—Christopher F. Caldwell

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Estate Administration

Administration options for small estates

Some states have developed court proceedings to help heirs efficiently collect assets, pay debts and expenses and transfer the remaining assets when a decedent has a “small” probate estate.—Deborah J. Wilcox Mabry

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Income Tax

Tax tips for getting divorced

Congratulations, you’re getting divorced! Here is what you need to know from a tax standpoint.—Dimitrios (Jim) Manou

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Charitable deductions & qualified appraisals

If you are hoping to take a charitable deduction on your income tax return, you will need a qualified appraisal from a qualified appraiser to substantiate a deduction greater than $5,000 for the donation of property other than cash or marketable securities.—Christine A. Sackett

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When Safe Harbor isn’t safe — California’s exception to the rule

Generally, taxpayers must make estimated payments if they expect their withholding and credits to be less than the smaller of: 1. 90% of the tax shown on the current year’s tax return; or 2. 100% of the tax shown on the prior year’s tax return including Alternative Minimum Tax.—Tiffany Wong

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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