Tax changes are out and it’s a mixed bag, not all great.

Well, at least the basic outline of what Trump would like to change in the Tax code is out, and for many Americans, it’s very good news. But we say that tongue in cheek.  It’s good news if you hire or become a pro-active tax planner. Why do we say that you have to be a tax planner for this to be good news? What Trump is saying is he’s going to substantially cut taxes for businesses and for regular taxpayers.  He’s going to “simplify” the tax code. Nowhere in the word simplify is there even a hint of lower personal income tax for most, although doubling the personal exemption would be a tax coup; for the working poor. Continue reading

With tax season behind us…

With tax season behind us, we have started to reflect on the amount of people that we saw in our office and some of the stark realities that we discovered while serving the public.  Estate planning is not a sexy topic.  But, that’s why, as we’ve been preparing people’s tax returns this year, we came to realize that because it’s not a sexy topic, it’s almost completely non-existent in our community.  How do we know that from doing tax returns?  Because estate planning is all about titling.  There are many, many options for estate planning, but generally speaking, there are three basic options that most people fall under. Continue reading