Estate and business succession planning are two closely related areas of law that can both serve similar purposes. One reason that individuals, families, and small business owners choose to avail themselves of planning is to minimize taxes. If you’ve never created an estate or succession plan or it’s been a while since...
Tracy Craig, Chair of our Trusts and Estates Practice Group, has been recently quoted in a Business Insider article discussing the complexities of inheritance tax. The article delves into the mechanics of inheritance tax, who is liable to pay it, and strategies for effective tax planning.
A 1031 exchange allows an individual to sell investment assets and reinvest the proceeds in a similar type of investment, thereby bypassing the capital gains tax that would normally need to be paid. It is essentially a swap of one investment property for another, deriving its name from Section 1031 of the...
Not every investment is a winning one. If the value of your investments took a hit in 2018, it can discourage you from investing in 2019. Luckily, you can usually get a tax break on losses through declaring a capital loss deduction. This could result in valuable savings on your 2018 tax return.
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