Surviving Spouse? Don’t Make an IRA Rollover Mistake!

Professionals often advise individuals to name their spouse as a beneficiary of an IRA. Instead of immediately reporting the distributions from the deceased spouse’s IRA as taxable income,  the surviving spouse can rollover the amount into their own IRA. They can then defer distributions (and thus income) until they reach…

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State Court Rescues GRAT From Drafting Error

The estate and gift tax provisions under the Internal Revenue Code (the “Code”) are extremely complicated. Thus, you must have an experienced estate planner draft documents which use techniques that can save estate and gift taxes. Nevertheless, mistakes can happen and sometimes a court reformation can save the technique as…

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Have Foreign Bank Accounts? Be VERY Careful!

In preparing your Form 1040 you may notice a question that asks about foreign bank accounts on Schedule B.  “At any time during 2016, did you have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in…

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