Monday November 18, 2019
News
Living Trusts Versus Wills
Jacqueline Kennedy Onassis was diagnosed with cancer in January 1994. She signed a will in the New York offices of a large law firm on March 22, 1994. She passed away just two months later on May 19...MORE
How to Create a Family Health Portrait
How do I go about making a family health history? Most of my relatives have died before age 65. My doctor suggested I create a family history to help identify my own genetic vulnerabilities.
An...MORE
Benefits of Bunching Charitable Gifts
With the doubling of the standard deduction in 2018, the number of taxpayers who itemized deductions declined substantially. In 2017, nearly 30% of taxpayers itemized, but with the larger standard deductions, only about 10% of taxpayers will itemize this year.
The standard deductions in 2018 doubled to $24,000 for married couples and $12,000 for individuals. The married standard deductions increased to $24,400 in 2019 and $24,800 in 2020. Individual standard deductions are one-half the married number.
What tax planning strategy might benefit generous taxpayers who know there is a large standard deduction and still desire to help a favorite charity? Let's consider the options for two generous families –...MORE
