What’s trending on NP Trusts & Estates



April 05, 2017

Author(s): Stephanie A. Bruno, Michelle R. Canerday, Daniel N. Jones, CPA, CRPC®, Dawn E. Lannon, CPA, Aaron Poirier, CPA, Jay D. Rosenbaum, Tiffany Wong

New tax incentive to save for college, grandparent-funded 529 plans, handling your digital footprint dilemma, gifting family business interests to a trust for children, and more. Here’s what’s trending in estate planning and wealth management.

Estate Planning

Digital footprint dilemma: how to handle your digital assets after you're gone

Ever wonder what happens to your digital footprint at your death?—Stephanie A. Bruno

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Advantages to gifting family business interests to a trust for children

In order to minimize estate taxes owed at death, business owners should strongly consider advanced estate planning techniques, including a gift or sale to a defective grantor trust.—Michelle R. Canerday

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Your estate plan is not a “fire-and-forget” missile guidance system

The execution of an estate plan often means you have taken care of the first step in your estate planning process. Don't forget about the other steps that need attention for your estate planning goals to be met.—Jay D. Rosenbaum

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Financial Planning for College

Grandparent-funded 529 plans and their effect on Federal Student Aid (FAFSA)

Grandparents should consider using 529 plans only during the last two years of college (or later if graduate school is likely).—Thomas A. Stedman

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A new tax incentive to save for college in Massachusetts

For a limited time, Massachusetts residents may deduct contributions to 529 Plans up to a certain amount from their state income tax returns.—Julie Wood

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What are qualified education expenses?

Some of the tuition, fees and other education expenses you paid may qualify as education expenses for income tax purposes.—Daniel N. Jones

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Income Taxes

Should I make estimated income tax payments?

The government has to pay its bills during the year, so the IRS might just make you pay them throughout the year as well.—Aaron Poirier

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What medical expenses can be deducted?

If you itemize your deductions, make sure your medical expenses are eligible for deduction before including them.—Tiffany Wong

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Spring cleaning? Your cleaning may result in income tax deductions

Your spring cleaning could result in a deduction on your federal income tax return.—Dawn E. Lannon

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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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