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Colony Family Offices, in collaboration with Fidelity Charitable, recently hosted a webinar featuring Harrison Miller, a Charitable Planning Consultant, who shared insights on effective giving strategies and tax-efficient philanthropy. Key Takeaways: Charitable giving continues to grow, with the majority of contributions coming from individuals, highlighting the importance of thoughtful planning around how and what to give. […]
Read MoreColony Family Offices, in collaboration with Grant Philanthropic Advisors, recently hosted a discussion focused on planning effective family philanthropy and preserving philanthropic intent across generations. The discussion highlighted the importance of documenting a founder’s values, goals, motivations, and giving philosophy while they are still living. Clear donor intent can provide future generations with a shared […]
Read MoreThis memorandum explores the complex interplay between the partnership income tax rules of IRC Section 754 governing inside basis adjustments to partnership assets upon the sale of a partnership interest to an irrevocable non-grantor trust in exchange for an installment promissory note governed by IRC Section 453. If structured properly, such a transaction has the […]
Read MoreThis article is Part 3 of a 4-part series exploring various tax issues related to disregarded and regarded intra-family installment sale transactions for estate and income tax planning. Part 1 focused on loans and debt transactions between trusts and their beneficiaries. Part 2 reviewed the income tax rules associated with reportable installment sale transactions under […]
Read MoreThis article is Part 2 of a 4-part series exploring various tax issues related to disregarded and regarded intra-family installment sale transactions for estate and income tax planning. Part 1 focused on loans and debt transactions between trusts and their beneficiaries. Part 2 reviews the income tax rules associated with reportable installment sale transactions under […]
Read MoreFor years, wealthy families and their advisors have utilized intra-family loans and installment sale transactions as part of an overall estate planning strategy to shift wealth tax efficiently between generations. In fact, installment sales of appreciating assets between grantors and grantor trusts in exchange for promissory notes have become one of the more common estate […]
Read MoreThe combination of continued global economic expansion with moderating inflation provided a favorable backdrop for financial markets in the first half of 2023. Corporate earnings results were generally better than expected, which improved investor sentiment toward equities. The US market rally was led by mega-cap technology stocks and fueled by excitement around artificial intelligence. Yet, […]
Read MoreIn late December, Congress passed a significant omnibus budget bill. Included was the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (“Secure Act 2.0”), which contains various retirement and other changes that practitioners and their clients need to be aware of. It provides new incentives for employers to offer retirement plans to […]
Read MoreAfter posting strong gains over the last couple of years, asset prices have stumbled in the first 5 months of 2022 as financial markets digest higher inflation, rising interest rates, and geopolitical uncertainty. Both stocks and bonds have experienced broad declines while asset categories that benefit from higher inflation, such as commodities, have generated gains. […]
Read MoreAlthough no two states have identical community property laws, one thing is consistent within all community property states: their married residents enjoy a significant income tax advantage (with respect to any appreciated assets) in the form of a decreased capital gains tax on community property sold after the death of the first spouse. Click here […]
Read MoreThe standard deduction for single taxpayers that do not itemize is $12,950. Married couples filing joint returns that do not itemize will have a standard deduction of $25,900.
Read MoreSince the November 2020 elections, we have closely followed the political climate for potential changes to the estate and gift, capital gains, individual income, and corporate income tax laws. On Monday, September 13, 2021, House Democrats released their tax proposals, and we wanted to make you aware of the following highlights: Estate and Gift Tax: […]
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