The IRS has posted an Economic Impact Payment Information Center that addresses many frequently asked questions regarding the stimulus payments authorized by the CARES Act. However, like many things related to the act, there are remaining questions and gray areas not contemplated by the act or fully addressed at this time by the IRS. One
What are the requirements for remote notarization in Missouri?
Due to the outbreak of COVID-19, many Missourians are finding it difficult to carry on a modicum of “business as usual.” One of the many difficulties is the requirement that certain legal documents, including deeds, deeds of trust (mortgages), wills and powers of attorney, must be validated through personal appearance before a notary public (and
How the SECURE Act impacts qualified charitable distributions
This is the fourth in a four-part blog series on the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The first three installments can be read here.
An area of estate planning that is impacted by the changes in the recently enacted SECURE Act is the use of qualified charitable distributions (“QCDs”).
CARES Act brings changes to incentivize charitable giving
President Trump signed into law on Friday, March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act, to help individuals and businesses affected by COVID-19. This legislation has brought about sweeping changes meant to provide relief to individuals and businesses. As part of the CARES Act, certain changes were made with respect to
Illinois governor’s executive order provides guidance on remote notarization
While the outbreak of the COVID-19 coronavirus has certainly brought a sudden dramatic change to our daily lives, there is still a continuous need for legal work. Many legal documents require notarization, and even in some cases witnesses, to take effect. With the various levels of governments now requiring “social distancing” and instituting shelter-in-place or
Minimizing the tax burden of the SECURE Act’s 10-year payout
This is the third in a four-part blog series on the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Parts 1 and 2 can be read here. The final installment will cover how the SECURE Act affects Qualified Charitable Deductions.
As discussed in previous installments of this blog series, after the death
How does the SECURE Act affect my estate plan?
This is the second in a four-part blog series on the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Part 1, an overview of the act’s key provisions, can be read here. Future installments will cover minimizing the tax burden of the act’s 10-year payout and how it affects Qualified Charitable Deductions.
Key provisions of the SECURE Act retirement plan legislation
This is the first in a four-part blog series on the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Future installments will cover more details on the impact of the SECURE Act on estate plans, minimizing the tax burden of the act’s 10-year payout, and how it affects Qualified Charitable Deductions.
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Consider using the 65-day tax rule to go back in time if you are an estate or trust
How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you
2020 tax rates and exemption amounts for estates and trusts
The Internal Revenue Service recently published its annual inflation-adjusted figures for 2020 for estate and trust income tax brackets, as well as the exemption amounts for estate, gift and generation-skipping transfer (GST) taxes. These figures are adjusted annually for cost-of-living increases.
Below is a summary of the 2020 figures. The original news release from the