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Patrick D. Newton, P.C.
Family Wealth & Business Counsel
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Home Archive by category "Tax"

Category: Tax

Reasons to convert your corporation to an LLC

Patrick August 13, 2016 August 13, 2016Business Planning, LLC, Tax

Creditor Protection for the company. Both corporations and LLCs provide creditor protection for the owner. That is, if the company gets sued, the shareholders should be protected from that lawsuit through the limited liability concept for corporations and LLCs. However, if an owner of corporate stock is sued personally (a …

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An Inherited IRA and Bankruptcy

Patrick July 9, 2016 July 12, 2016Estate Planning, Tax

In Clark v. Rameker, a case decided by the U.S. Supreme Court on June 12, 2014, the Court ruled that an inherited IRA did not constitute “retirement funds” under the Federal Bankruptcy Code and, therefore, those funds were not exempt assets of the bankrupt estate and were subject to the …

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Do I have to file Gift Tax returns for the gifts to my Insurance Trust?

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Insurance, Tax

Filing a gift tax return for an Irrevocable Life Insurance Trust (ILIT), even if not technically required because all gifts are below the annual exclusion, is a good idea. Benefits: Filing starts the statute of limitations running on the IRS to audit the gift. Filing allows you to decide affirmatively …

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Spousal Gift Planning

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Irrevocable Trusts, Tax

People with potential taxable estates should consider maximum utilization of the Annual Exclusion. The Annual Exclusion is an amount a person (the Donor) can give to another person (the Donee) without any gift tax consequences. The current Annual Exclusion amount is $14,000 per Donee. So you could give 10 people …

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Irrevocable Life Insurance Trusts (ILITs)

Patrick July 9, 2016 July 12, 2016Estate Planning, Estate Tax, Gift Tax, Insurance, Irrevocable Trusts, Tax

An ILIT is just an irrevocable trust that holds life insurance. An ILIT is used to make the death benefit escape estate tax. Life insurance already escapes income tax. Avoiding both tax systems can make life insurance a very attractive investment for the future of your family. With the estate …

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Business Succession Planning in the Current Tax Environment – from JDSupra.com

Patrick July 9, 2016 July 12, 2016Business Planning, Tax

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