Trending on NP Trusts and Estates



February 01, 2017

Author(s): Deborah L. Anderson, Anne B. Covert, CFP®, John L. Garrett, Dawn E. Lannon, CPA, Mary M. Paul, EA, Masha Rabkin, CPA, Thomas A. Stedman

What your business can learn from Disney in the wake of Carrie Fisher’s death,  everything you need to know about IRAs, funding an irrevocable life insurance trust, benefits to filing tax returns early, six facts that will help you determine whether or not your benefits are taxable, and more. Here’s what’s trending in estate planning and wealth management.

Wealth Management

Should my business learn a lesson from Disney after the death of Carrie Fisher?

Key Man Life Insurance is a critical investment for many businesses.—Deborah L. Anderson

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IRAs: What you should know

What is the timeframe for contributions to IRAs? What types of IRAs are there? What are the contribution limits? Can an IRA be used as a gifting tool to individuals or charities?—Trusts and Estates Editorial Team

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Funding an irrevocable life insurance trust

What funding options are available for ILITs? Will gifts to an ILIT qualify for the annual gift tax exclusion?—John L. Garrett

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Income Taxes

Is there a benefit to filing my tax returns early?

Other than making my tax preparer happy, is there a benefit to filing my tax returns early?—Mary M. Paul

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When do I have to file more than one state income tax return?

Determining how much and who you have to pay during tax season can be quite complicated; however, those who work, conduct business or own investments in other states may be required to file multiple state returns.—Thomas A. Stedman

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Do I have to report my non-U.S. income on my U.S. income tax return?

All U.S. citizens and green card holders are taxed on their worldwide income regardless of in which country they are residing or in which country the income is earned.—Anne B. Covert

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Congratulations on the sale of your home! But will you owe taxes?

Most of us hope to make a profit when we sell our house, especially one we’ve called home for many years. Unfortunately, the IRS calls that a capital gain and you may end up owing taxes.—Andrea M. Ells

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Are Your Social Security Benefits Taxable?

There are six facts that will help you determine whether or not your benefits are taxable.—Masha Rabkin

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Name change? Better let the IRS know!

If your name changed this year as a result of marriage, divorce or adoption, there are steps you need to take to officially change your name—Dawn E. Lannon, CPA

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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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