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Important IRS Update: Significant Interest Penalty Increase for Tax Underpayments
The Internal Revenue Service (IRS) has recently announced a critical change that could significantly impact taxpayers who underpay their taxes. This update is particularly relevant as we approach the next tax filing season. Previously, the IRS charged a 3% interest penalty on estimated tax underpayments. However, this rate has now been increased to a substantial
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Will Inflation Hurt Stock Returns? Not Necessarily
Investors may wonder whether stock returns will suffer if inflation keeps rising. Here’s some good news: Inflation isn’t necessarily bad news for stocks. A look at equity performance in the past three decades does not show any reliable connection between periods of high (or low) inflation and US stock returns. Since 1993, one-year returns on
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Maximize Your Charitable Impact with These Four Strategies
As the year draws to a close, it’s a perfect opportunity to rethink how you give to charity. This is important for managing how much tax you pay and how much help reaches those in need. Here are four effective strategies: Need Guidance? Reach Out to Us! These strategies are just a starting point. There
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Understanding a Charitable Remainder Trust
Some individuals or families wish to leave behind a significant donation at the time that they pass away. A charitable remainder trust is one estate planning tool to help you do this. You’ll want to consult with an estate planning lawyer to decide whether or not this is the right instrument for you. 
There are several different steps involved in the creation of a trust like this. The first is to meet with your lawyer to discuss your intentions and to ensure this is the appropriate step.
You will also want to make sure that your chosen charity is approved by the IRS. You can then transfer the assets that you intend to go to that charity into the trust and appoint the charity as the trustee of the trust. This gives the charity the power to invest or manage the property inside. Within the trust provisions created by your estate planning lawyer, there should be an explanation about who is to receive income from the property of the trust. This can be you, as the creator of the trust or someone else that you choose.
You may want to receive income payments for the rest of your life or for a predetermined number of years and you can discuss the various advantages and disadvantage of this with your estate planning lawyer. Any property remaining in the trust at the time you pass away will then be transferred to the charity. If you would like to discuss creating a charitable remainder trust, schedule a consultation with an estate planning lawyer today.