What’s trending on NP Trusts & Estates



March 07, 2018

NP Trusts & Estates Blog

Author(s): Deborah L. Anderson, Darrell R. Kamholz, CPA, Elena N. O’Leary, CPA, Masha Rabkin, CPA, Sarah M. Richards

Understanding the 2018 annual gift tax exclusion, creating domestic asset-protection trusts, avoiding common tax return filing errors and more. Here’s what’s trending in estate planning and wealth management.

Estate & Gift Planning

The 2018 gift tax annual exclusion is $15,000 per donee

The IRS has released the annual gift tax exclusion amount for 2018. Find out what you can transfer tax-free to family and friends.—Sarah M. Richards

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Flexibility in estate plans needed due to sunset of Tax Act provisions

Flexibility is needed in estate planning documents to provide optimum income and estate tax benefits under recent Tax Act.—Deborah L. Anderson

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Domestic asset protection trusts: not just for the ultra-wealthy

Have your cake and eat it too! You may be able to create a trust for your own benefit that is beyond the reach of your creditors.—Kenneth F. Hunt

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Wealth Management

Market Pulse: February Economic Highlights

Economic and market highlights from the NP Investment Team for February 2018.—NP Investment Team

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Income Taxes

Minnesota is the other winner of this year’s Super Bowl

The Eagles may have won their first Super Bowl but they lost to the tax man. Known for having the third highest personal income tax rate in the country, Minnesota is the other big winner at this year’s big game.—Thomas A. Stedman

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Do you have a business or a hobby?

Businesses and hobbies come in all shapes and sizes. Here's how to determine if your enterprise is a business or a hobby.—Anne B. Covert

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What you need to know about deducting your charitable donations

What do you need to know about deducting your charitable donations on your personal income tax return?—Elena N. O'Leary

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Student loan interest income tax deduction

If you paid interest on a qualified student loan in 2017, you may be able to claim an above-the-line (directly from gross income) deduction of up to $2,500.—Masha Rabkin

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Avoid common tax return filing errors

Errors in your tax return will slow down the processing and may result in you receiving a tax notice. Take the extra time to review your return for these common errors.—Darrell Kamholz

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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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