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Category Archives: Tax Law

What Is the Trump Tax Loophole?

By David Toback |

The news is all abuzz about Donald Trump’s taxes, and tax losses, which, according to media reports, could have allowed him to legally avoid paying taxes for years after he claimed the loss. Aside from any political argument, many may be wondering if and how that’s possible, and whether people who aren’t billionaires can… Read More »

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Gift Tax Can Help or Hurt You

By David Toback |

Of all the ways to try to minimize tax consequences, and of all the more complex provisions of the IRS tax code, the gift tax may be the one that is most likely to trip someone up who thinks that they can outsmart the tax code. It is very tempting for someone with income… Read More »

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Understanding the Death Tax

By David Toback |

Presidential candidate Donald Trump recently gave a speech announcing that he would repeal the death tax. That immediately started a media frenzy about the death tax, a tax that in reality many people never even knew existed. No matter what side of the aisle you’re on or for whom you’re voting, Trump’s speech at… Read More »

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Out-of-State Trusts May Need to Be Revisited

By David Toback |

Florida is a haven for incoming residents. Whether it’s young people coming to live on the water or retirees coming here to avoid the snow, Florida gets a lot of people moving here from other states. In many cases, those people may have executed trusts in the states that they left. When they come… Read More »

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Putting an LLC Interest in a Trust Could Reap Benefits

By David Toback |

When we think of the things that we own that we want to protect from creditors, or which we want to make sure go where we want them to go when we pass, we usually think of tangible items. Cars, houses, the art collection and the cash in the bank account are usually the… Read More »

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IRA Tax Exemption Law Benefits Elderly and Charities

By David Toback |

The IRS tax code contains many different tax exemptions and ways for people to minimize their tax liabilities. Some of these provisions have been with us forever, and will likely never change significantly. But some come and go, depending on the economy, or the mood of congress. One popular tax break, which benefits the… Read More »

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Debt Forgiveness Can Have Tax Penalties

By David Toback |

When many people owe debt, they may have little financial option other than to negotiate the debt down to a manageable, payable amount. Sometimes this can include negotiating a waiver, forgiveness, or reduction of the debt. In the short term, the ability to pay off a debt for less than its full amount seems… Read More »

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Your State of Residence Can Have a Big Tax Impact on Your Estate

By David Toback |

Where do you live? This seems like a simple question. But for many, it can pose significant estate planning issues. And the answer to it can make a difference of millions of dollars in estate taxes that you or your beneficiaries may have to pay. Why Your Home State Matters This is a particularly… Read More »

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A Health Savings Account (HSA) Could Save You Some Tax Money

By David Toback |

Health insurance has been a popular topic the last few years. Many people don’t figure health insurance into an overall estate planning strategy. But, in fact, there is a savings vehicle for health planning that may actually save you money on your taxes. What is an HSA? Many individuals find when procuring health insurance… Read More »

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If You’re In Foreclosure, Don’t Forget Tax Consequences of Getting Out of It

By David Toback |

It’s been said that the economy is improving, and there’s no better indication of that than the fact that foreclosures are generally down. But they haven’t disappeared forever. And if you’re in foreclosure and looking at options to get out of it, the last thing that may be on your mind may be taxes…. Read More »

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