UTILIZING THE IRA CHARITABLE ROLLOVER

♠ Posted by Marc J. Soss in 2017 Federal Income Tax plan,charitable giving,estate plan,florida estate plan,IRA charitable gift,IRA charitable rollover,tax savings

Federal legislation recently made permanent an individual taxpayer ability to make charitable contributions directly from his or her IRA. These contributions are made directly from the IRA to the public charity are not taxed as income to the taxpayer subject to the following requirements: (i) individual making the contribution must be at least 70 1/2 years of age on the date of the contribution; and (ii) contributions of up to $100,000 per individual per year (or $200,000 for married taxpayers filing a joint return ). Contributions in excess of the $100,000 ($200,000) amount are treated as...

Read More

CT, NY AND NJ JOIN THE STATES WITH AN INCREASED ESTATE TAX EXEMPTION

♠ Posted by Marc J. Soss in Connecticut Estate Planning,Connecticut estate tax,New Jersey Estate Tax elimination,New Jersey Inheritance tax,New York estate tax

You can now add Connecticut, New York and New Jersey to the growing list of states trying to keep its retiring residents from fleeing to states with a lower or no state estate tax bill at death. Effective April 1, 2017, New York state increased their exclusion amount, the amount of property that could pass free of any New York state estate tax, from $1.00 million to $5.25 million. On January 1, 2019, the New York state exclusion amount will increase again and equal the federal exemption amount. Not to be left behind, in the fall of 2017, the states of Connecticut and New Jersey also made significant...

Read More