November 3, 2020, GEM 25 — A common mistake some people make is once they create a trust, they forget about it. They don’t see that ongoing evaluation of the trust and its tax basis can potentially yield income tax benefits down the road. Director of Income Tax Planning Tom Kelley discusses how you can potentially reduce your income tax liability by proactively managing the assets in your family’s trusts.
September 29, 2020, GEM 22—With this being an election year, three potential tax scenarios could affect your year-end planning efforts. First, consider the tax laws that President Trump instituted in 2017 under the Tax Cuts and Jobs Act, then look at the older tax provisions that are still in effect, and finally consider how your planning might be affected by the tax proposals put forth by Democratic presidential candidate Joe Biden.
The end of the year is an important time to consider any tax planning opportunities that may be available.