September 2023

Inherited IRA: How to Minimize Tax Consequences

Individual Retirement Accounts, or “IRA”, were established under federal law as an incentive for workers to set aside savings for their retirement. You can create and fund your own IRA and defer payment of income tax on the contributions until years later, when they are withdrawn. Meanwhile, the appreciation in value of this money is

What Is A Gun Trust and Do You Need One?

According to Pew Research, 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms. If you own a firearm of monetary or sentimental

Saving on Taxes: Sunsetting the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to “sunset”, that is, terminate, on January 1, 2026. This will lead to significant changes for taxpayers. So, how