August 03, 2016
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.
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
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
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
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
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
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
Congratulations, you’re getting divorced! Here is what you need to know from a tax standpoint.—Dimitrios (Jim) Manou
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
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
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.