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Trust and Estate Planning

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The Widow’s Tax Penalty and How to Plan for it

If you are a couple filing your taxes jointly, one of you will likely file as an individual one day. Some statistics say as much as 80% of wives will outlive their husbands. The widow’s “tax penalty” or “tax trap,” as some call it, refers to the situation many surviving spouses face with having to […]

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Watching the Sunset – Current Estate Tax Laws vs New Proposals

With the presidential election behind us and Joe Biden entering the Oval Office in January, questions and uncertainties still exist regarding his proposed tax package. With the “Blue Wave” of Democratic control over the White House, Senate, and House of Representatives seemingly less likely, major tax reform that was a pillar of Biden’s presidential platform […]

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Post Election 2020 – Where Do Taxes Go From Here?

On November 17th, we hosted a virtual conversation with BDF’s income and estate tax planning experts during which we shared our insights on what the results of the election mean for estate and income tax changes in the future as well as what you need to consider before year-end given the potentially changing landscape. We […]

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Estate Tax Exemption – Use it Now!

Federal tax law levies a tax on the value of assets you own at death.  The estate tax is levied at a 40% rate and can severely impact the transfer of wealth to future generations.  Many business owners are simply unaware that the value of their business exposes them to the tax and that may […]

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Working Wealthy – The Estate Planning Cliché

Those that know me well know I love a good cliché. In fact, I usually wear them out to the point that I can feel my wife’s eyes roll when I’ve used a phrase one too many times. And so, I’m evolving. I realize that while clichés are an easy way to explain an idea, […]

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Exiting Your Business? 3 Critical Considerations

Selling a business is the culmination of years of hard work and dedication to a way of life.  The seller has one opportunity to get the sale “right” to maximize retirement wealth and preserve that which will be transferred to future generations.  Of course, there are many detailed considerations, but the early focus should be […]

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Don’t Send Your Child off to College Without This

As high school students finish their senior year of high school and head off to college, their summers are typically filled with graduation parties and goodbyes as they prepare for college. Students schedule their classes and make trips to Target to get ready for the school year, but one important detail is rarely discussed. Most […]

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Best States to Retire In

Many factors influence the decision of where to retire.  Family, familiarity of surroundings, climate, and cost of living are just a few to consider.  What about state taxes?  They are often overlooked and just “accepted” as an expense.  In the current environment, the trend of where taxes could go based on the financial stability of […]

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4 Financial Improvements to Make During Quarantine

As we all adjust to the realities of the COVID-19 pandemic, we find ourselves with a lot more time at home due to the Stay at Home order.  Our commute times are now a simple walk down the stairs, many of the social gatherings that filled up our weekends are cancelled, and that means more […]

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Six Planning Tips to Consider After the Stimulus CARES Act

Coronavirus Aid, Relief, and Economic Security (“CARES”) Planning On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. The $2.2 trillion dollar bill provides broad relief across the American economy for businesses and individuals. Below is a summary of how it impacts individuals specifically: Recovery Rebate Checks  $1,200 to each […]

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Gifts to Children – Making Them More Effective

Gifts are made to loved ones for many reasons.  Parents may just want to give their children financial help or accomplish other worthwhile objectives.  Well-planned gifts can reduce a donor’s estate for estate tax purposes and shift income taxation to or away from the recipient of the gift.  Many objectives can be addressed in a […]

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Helpful Advice When Attending a Funeral or Service

Death is an uncomfortable topic that most people do not like to discuss.  When someone dies, those that are closest to that person deal with unimaginable grief.  They may find it difficult to make it through the day, get out of bed or do routine things.  When someone experiences this type of pain, it’s a […]

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