Blog Authors

Latest from Crummey Estate Plan

The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017, and became effective January 1, 2018 (the “Act”). While most of the Act is made up of provisions that change individual and business income taxes, there were some significant changes to the Estate Tax laws. We are still awaiting guidance from the IRS with respect to some of the provisions; however, this post will inform you with respect to…
The GOP has released its “Unified Framework for Fixing Our Broken Tax Code”.  Unfortunately, the framework is heavy on generalities and light on specifics, so there is still a long way to go.  Nonetheless, I wanted to take this opportunity to discuss the proposals, and provide some observations, as follows: Standard Deduction/Personal Exemptions.  The plan roughly doubles the existing standard deduction – making it $24,000 for married taxpayers filing jointly (as compared to $12,700 under…
Every year I like to post a quick Estate and Gift Tax update for you to reference throughout the year. This way, if you’re anything like me, you won’t find yourself constantly “Googling” different estate and gift tax thresholds at the beginning of the year for a quick refresher on the updated thresholds. The purpose of this post is to provide a snapshot of some of the most common 2017 estate and gift tax thresholds,…
[embedded content] One common estate planning misconception is when Powers of Attorney start and end. A Power of Attorney is a tool used to grant authority to someone to act on your behalf in case they need to. Powers of Attorney can start or be effective either immediately or springing. Health care Powers of Attorney, which allows someone to make health care decisions on your behalf, are effective only if you are not able to…
[embedded content] One common estate planning misconception is when powers of attorney are required. Powers of attorney are required if you are determined to be incompetent. Incompetency can mean a mental illness or a physical ailment, such as being unconscious.  What a power of attorney does is grant someone with authority to make decisions on your behalf. Most people don’t realize that a power of attorney is required even if it is your spouse or…
[embedded content] One common estate planning misconception is when powers of attorney are required. Powers of attorney are required if you are determined to be incompetent. Incompetency can mean a mental illness or a physical ailment, such as being unconscious.  What a power of attorney does is grant someone with authority to make decisions on your behalf. Most people don’t realize that a power of attorney is required even if it is your spouse or…
Last year it dawned on me that a lot of us out there, including myself, find ourselves constantly “Googleing” different estate and gift tax thresholds throughout the beginning of the year for a quick refresher on the updated thresholds. The purpose of this post is to provide a snapshot of some of the most common 2016 estate and gift tax thresholds, tax rates, exemptions, elections, etc. Feel free to use this how you see fit.…
[embedded content] One of the first rules of year end retirement planning is to make sure you maximize your contributions each year to your 401k, 403b, or IRAs. If you do have an IRA and are currently over the age of 70½, you need to make sure you take your required minimum distribution before December 31st of this year. If you are approaching age 70½ and would like to consider what impact required minimum distributions…
[embedded content] There are many variables when planning for taxes, here are some tips! Remember every tax situation is different and you should contact us or your tax professional for more information. Our first tip deals with income. If you are in a higher income tax bracket this year than you expect to be in next year, or vice versa, you can either defer or accelerate income into this year or next year to lower…
Currently the news is packed with stories about Lamar Odom’s recent “long weekend” and resulting medical problems (just Google it, you’ll find plenty of stories). The pertinent facts, however, are this: 1) Lamar Odom is unable to make healthcare decisions for himself; 2) he does not have a Living Will specifying what his healthcare wishes are; 3) we are unaware if he has a health care power of attorney; and 4) his recent divorce has not yet…