Lynda Doland, CPA, MT leads the Estate, Gift and Trust niche at Corrigan Krause.

 

Estate, gift, and trust planning after the loss of a loved one can be difficult, but with the proper guidance the process can go smoothly and efficiently. The key is proper planning to ensure everything is taken care of prior to accident or illness. If you plan correctly, you are able to avoid unnecessary taxes and make sure all of your belongings and wealth go to the individuals you wish.

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Lynda Doland, CPA, MT is a Director at Corrigan Krause. 

When we think of family gifting strategies, we usually think of wealthy parents giving to their children and grandchildren. However, with the new tax law, new opportunities have opened up for appreciated assets.

Because the estate exemption is now $11.4 million, clients with assets that have substantially increased in value may want to take advantage of the opportunity to gift to the generation above them. Here is ho Read More >>

Lynda Doland explains how taxpayers older than 70 ½ can still benefit from donations to charity even if they can no longer itemize.

The number of taxpayers who will itemize starting with 2018 is estimated to drop by 50% due to the changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). Taxpayers who are 70½ or older can still benefit from charitable contributions, even if they don’t itemize, by using qualified charitable distributions (QCD).

How it works:

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Many celebrity deaths from Prince to Whitney Houston have highlighted what can happen to an estate in the event of an untimely death. So, how can you prepare for the unexpected? Do you know what to do when your older relative falls and breaks a bone? There can be a lot of decisions to make.  Where do you turn?

I like to use the term “Life Planning,” and this is where our Estates, Gifts and Trusts (EGT) Team thrives. There are three categories of which you can look at life planning.

  • Est
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Lynda Doland offers advice on how to make the most out of your donations.

Gifts of property to charity throughout the year can result in beneficial tax write-offs. Noncash charitable donations are held to strict record keeping requirements, and the acceptance of the deduction depends greatly on the quality of records associated with the donations.

What items should I donate?

Clothing and household items are the most common types of items donated, but items must be in good u Read More >>