Estate Trust and Gift Tax

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Now May Be the Time to Use Your Gift and Estate Tax Exemption

The federal gift and estate tax exemption was enacted in 1916, and right now, it is at the highest it has ever been.  This means that you can pass more to your heirs today, without paying any federal gift or estate tax, than ever in the past century.
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Adam P. Thielen Elected Principal

We are pleased to announce that Adam P. Thielen, CPA, was elected Principal, effective September 1, 2020.
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Review Your Estate Plan Following a Major Shock

It is recommended that you review your estate plan at year’s end. The end of the year is a logical time to note important life events that have taken place over the past 12 months or may affect your plan.
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Should You Elect the Alternate Valuation Date for Estate Tax?

Taxes on the transfer of wealth upon death can be substantial. The tax burden, which is typically based on the value of the estate assets on the date of death, can be additionally painful if the value of the transferred assets declines in value after the date of death.
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How to Report Deceased Employee Wages

If an employee passes away during the year, you must report the accrued wages, vacation pay, and other compensation paid after the date of death. And, accrued wages paid in the same year as the employee’s death are reportable on Form W-2 and Form 1099-MISC.
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Review Your Beneficiary Designations

Avoid unintended consequences by making sure that the beneficiary designations listed on your retirement plan(s), annuities, and IRAs are up to date. Did you know that the named beneficiary takes priority over the beneficiaries named in your Will?
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Succession Plan for Family Business

Owners of a family-owned business many times underestimate the need for a succession plan for their family business. The thinking may be "we’re a family business and there'll always be a family member here to keep the company going and no one will stand in the way." 
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Restricted versus Unrestricted Gifts

Nonprofit organizations rely on donor gifts to achieve their objectives. There are two kinds of gifts, restricted--that come with conditions attached; and unrestricted, that can be added to general operating funds and used where needed.. 
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Estate Planning – Managing Debt and Creating Other Important Documents

According to Credit.com, 73% of people had outstanding debt at their death. These people carried an average debt balance of $61,554, which includes mortgage debt. Without the mortgage debt, the average balance was $12,875.
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Do You Know How Much Your Business is Worth?

As the owner of a small or closely-held business you likely consider your enterprise to be your life’s work. It is an area you have poured tremendous time, energy, and money into to build an important portion of the legacy you will leave behind.
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Should You Consider a Trust?

A trust can help you pass wealth efficiently and privately to your heirs. Perhaps the most powerful way to use a trust is to ensure that your heirs have timely access to your assets. When you transfer your assets to your beneficiaries through a Will, your estate is settled through
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