What’s trending on NP Trusts & Estates



April 04, 2018

NP Trusts & Estates Blog

Author(s): Kaitlyn B. Barnett, Sarah T. Connolly, John L. Garrett, Evelyn V. Moreno, Mary-Benham B. Nygren, Sarah M. Richards, Sarah M. Roscioli, Jay D. Rosenbaum, Alyson L. Stevenson

Why you need an estate plan regardless of wealth, tax benefits for parents, deductions for charity-related travel expenses, special tax breaks for members of the military and more. Here’s what’s trending in estate planning and wealth management.

Estate Planning

Does one have to have a large estate to need an estate plan?

There are a variety of reasons to have a well-thought-out estate plan. Here are reasons our experienced estate planners find that estate plans are needed regardless of a client’s wealth.—Evelyn V. Moreno, Kenneth F. Hunt, Sarah M. Roscioli, John L. Garrett, Jay D. Rosenbaum, Sarah T. Connolly

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The 2018 Estate, Gift and GST tax lifetime exclusion is $11,180,000 per taxpayer

The IRS has released the Estate, Gift and Generation-Skipping Transfer Tax lifetime exemption amount for 2018. Find out what you can transfer tax-free to family and friends.—Sarah M. Richards

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Two Provisions in the Tax Reform Bill enhance savings options for those with ABLE accounts

With the passage of the new tax reform bill, ABLE accounts were given greater flexibility when it comes to planning for those with special needs.—Thomas A. Stedman

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Income Taxes

2017 traditional IRA contributions allowed until April 17, 2018

Didn’t contribute to your traditional IRA in 2017? You may still be able to make a 2017 contribution. But don’t delay as the deadline is April 17, 2018.—Mary-Benham B. Nygren

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Tax benefits for parents

The love and compassion that parents share with their children are feelings like no other. Aside from the “feels,” parents may also be eligible for certain tax benefits.—Andrea M. Ells

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Deducting charity-related travel expenses

Taxpayers often wonder if they may deduct their expenses when traveling to take part in charitable activities.—Mary M. Paul

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If you serve in the armed forces, you are eligible for special tax breaks!

Members of the military make many sacrifices. One thing they shouldn’t have to worry about is an undue tax burden while they serve our country.—Daniel N. Jones

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What is the child tax credit?

In 2017, taxpayers with one or more qualifying children may be able save up to $1,000 per child on their federal income taxes under the child tax credit. Under tax reform, for 2018 and beyond the child tax credit is expanded.—Alyson Stevenson

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Wealth Management

Market Pulse: March Economic Highlights

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

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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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