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Ivan J. Schell
Showing 9 posts by Ivan J. Schell.
Changes Coming in 2024 for High Earners' 401(k) Catch-Up Contributions
Following the passage of the Secure Act 2.0, which has made many changes to the landscape of retirement planning, some workers will have to change how they make contributions to employer-sponsored retirement savings plans beginning in 2024. More >
Put Portability in Your Plan – Changing Gift Tax Exemption Regulations for Spouses
Personal estate plans that reflect yours and your loved ones’ needs can help ease financial burdens for them in the future. New guidance from the IRS takes both yours and your spouse’s estate tax exemptions into consideration, allowing for the option to elect “portability” of your exemptions in certain cases. This opportunity can help to alleviate financial stress for those who have unfortunately lost a spouse, but its implementation is time sensitive, so it’s important to know how and when to act. More >
Give Now, Save Later – Capturing Current Estate and Gift Tax Exemptions
Many people think of an estate plan as a way for their assets to be distributed in the future, after their deaths. However, in some situations, it may be more advantageous to make at least some of those planned gifts now—and help your loved ones avoid some of the financial burden of estate taxes. Especially for individuals with high net worth, taxes could become much greater when the currently increased lifetime exemption amount “sunsets” on January 1, 2026. More >
Estate Planning Taxes: No Change…for Now
Last year, with a new administration in Washington, several changes to estate planning tax laws were proposed in Congress that would have significantly impacted the estate plans of high-net-worth individuals. While none of these proposed changes came to pass as initially proposed, those same proposals could be brought to the table again in 2022. Below, we provide you with an overview of what hasn’t changed—yet. More >
Don’t Misplace Your Trust – Proposed Tax Law Overhaul Targets Grantor Trusts, IRAs, and Other Financial Planning Tools
It’s been clear from the start that the new administration in Washington has its sights set on overhauling the tax code. However, the outline of proposed tax legislation unveiled on September 13 by the House Ways and Means Committee has made those changes all the more likely. Among those affected by the proposals would be high-net-worth and high-income individuals attempting to save for retirement or plan their estates. Here, we give you the rundown on the changes you should be aware of and how they could affect you. More >
Don’t Delay—Proposed Changes to Estate Tax Law Aim to Eliminate Step-Up in Basis
If you’ve been waiting for the “right time” to start planning your estate, don’t wait any longer—the right time may be in the rearview before you know it. With a new administration in the White House, tax reform is on the agenda in Washington, and the proposed changes would have a major effect on many estates, especially for high-net-worth individuals. More >
An Estate Planning Tool You Can Trust: Spousal Lifetime Access Trusts (SLATs)
With estate and gift tax exemptions at a historical, all-time high (over $11.5 million per person), it’s the perfect opportunity for married couples to take advantage of a unique estate planning tool: the Spousal Lifetime Access Trust, or SLAT. Before the current exemption is cut in half on January 1, 2026, we recommend that spouses explore the benefits of establishing a SLAT – not just for the benefit of one another, but for children and grandchildren – in order to reap the most from current tax protections. More >
CARES Act Charitable Contribution Extended for 2021
For 2021, giving to charity pays off. The Consolidated Appropriations Act (CAA) extended numerous provisions contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law in March 2020. These provisions include tax changes that allow donors to give more to charity at a lower cost. More >
Five Things You Must Do to Maximize 2020 Giving and Minimize Tax Liability
It may seem hard to believe, but what has almost certainly been the longest year in human history is finally nearing an end. And while you might not want to add tax planning to your 2020 To-Do List, thinking strategically now may allow you to turn some of those leftover lemons into lemonade by minimizing your tax liability for the year. Don’t miss the following tips to get a jump on those returns. More >
