What’s trending on NP Trusts & Estates

December 05, 2017

NP Trusts & Estates Blog

Author(s): Kelly Acevedo, EA, Deborah L. Anderson, Amy Bidleman, Valerie Breslin Montague, Evelyn V. Moreno, Mary-Benham B. Nygren

Give financial assistance to family members without generating a federal gift tax, how the Senate’s tax reform proposal may affect investors, make the upcoming tax season less stressful and more. Here’s what’s trending in estate planning and wealth management.

Estate and Gift Planning

In addition to a piece of my mind, what can I give my family for (tax) free?

You can give financial assistance to family members without generating a federal gift tax or using up your lifetime gift tax exemption.—Evelyn V. Moreno

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How to maximize gifting with a GRAT

When deciding on gifting strategies, a GRAT is an excellent technique to remove future appreciation for a low gift tax cost.—Deborah L. Anderson

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Wealth Management

Market Pulse: November Economic Highlights

Economic and market highlights from the NP Investment Team for November 2017.— NP Investment Team

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OCR issues guidance summarizing permissible health information disclosures to friends and family

Hospitals, physicians and other HIPAA covered entities may disclose certain PHI to those involved in a patient’s care.— Valerie Breslin Montague

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Income Tax

Tax season is coming. Will you be ready?

How can I make the upcoming tax season less stressful?— Amy Bidleman

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The Senate tax bill could end the tax planning strategy of selecting specific share lots at the time of sale

The Senate’s tax reform proposal includes a provision that will require investors to use the FIFO (first-in-first-out) method when selling shares, leading to potentially higher capital gains taxes for most investors.— Thomas A. Stedman

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Reconstructing tax and property records after a disaster

Were you affected by a natural disaster and wondering how to get copies of lost records?—Kelly Acevedo

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Check your Individual Taxpayer Identification Number (ITIN). It may need to be renewed.

Individual Taxpayer Identification Numbers (ITINs) are used by persons who are not eligible for a Social Security Number, like foreign nationals, but are required to make U.S. tax filings and payments. Under a new IRS policy, certain ITINs expire and must be renewed.— Mary-Benham B. Nygren

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