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Trusts, Wills & Estate Planning: A Guide for CPAs
Estate planning is an essential wealth management tool for clients who desire to maintain their wealth during their lifetime and seamlessly transfer their assets to heirs at death. CPAs involved in their client’s estate planning are better informed and equipped to assist heirs when death occurs.
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Inherited IRAs in 2025 and Beyond: A CPA’s Overview
Now that the IRS has finalized the SECURE Act Regulations proposed in December 2019, CPAs should know the basics of the new rules pertaining to inherited IRAS and the “stretch” provision. Let’s look at what’s changed and what you need to know.
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Trump’s First 100 Days: A Tax Guessing Game
The Tax Cuts and Jobs Act (TCJA), was signed into law in 2017 under the Trump Administration. It overhauled the U.S. tax code with sweeping changes. While TCJA was originally set to expire at the end of 2025, all signs suggest an extension under the new Trump administration. Additionally, during the 2024 presidential campaign, Trump promised to lower the corporate tax rate even further, from 21% to 15%.
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The Federal Estate Tax Sunset Post-Election: Now What?
The upcoming Federal Estate Tax Sunset planned for December 31, 2025, has been a trending topic for some time among financial advisors, CPAs, estate attorneys, and high-net-worth clients alike. After Congress temporarily increased the estate tax exemption amount in the 2017 Tax Cut and Jobs Act (currently $13.61 million, with an expected additional increase to $13.99 million in 2025), and because this increased tax provision “sunsets,” or expires next year, wealthy individuals and families have had a time-limited estate planning opportunity aimed at allowing them to distribute more of their estate among heirs and potentially pay less in federal estate taxes.
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Estate Planning for Dependents with Special Needs
Estate planning is a crucial process for any family, but it becomes an even more critical and complex task for families with dependents who have special needs. The objective is to ensure the dependent's long-term care and financial security without endangering their eligibility for essential government assistance programs, which can help support them in their later years. Families must consider some essential components as they work through the intricacies of estate planning, focusing on creating a secure and supportive future for their dependents with special needs.
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Unlocking Tax Efficiency with Choreo Tax Advantage
Choreo Tax Advantage™ is a sophisticated approach configured for active tax management and designed to optimize client outcomes. Positioned at the intersection of tax and wealth, Choreo’s overarching investment philosophy focuses on low-cost, tax-aware investment management, rooted in research and diligence, and delivered at a household level.
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Choreo Tax Advantage™: Direct Indexing
Choreo Tax Advantage™ offers the option to utilize direct indexing (also called personalized indexing or custom indexing), which may help further enhance optimization of tax outcomes. Investing in a direct index account is similar to investing in an index fund, like the S&P 500, but a direct index account offers additional opportunities for tax loss harvesting, with the goal of improving after-tax returns.
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Maximizing Wealth Opportunities in Business Transitions
For business owners, tax-efficient planning is crucial at every stage of the business life cycle. For businesses in the start-up or stable growth stage, tax planning often targets deductible business expenses that can help decrease tax liability. But businesses preparing for an ownership transition typically require more advanced tax and estate planning strategies that can help increase business value for a higher sale amount while minimizing the owner’s personal tax burden generated by the sale. This approach to a business sale helps set the stage for a smooth ownership transition, lifestyle continuation, and a future family wealth legacy.
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Business Transitions: Key Updates on Buy/Sell Agreements
Buy/sell agreements can be an essential planning tool for privately held businesses with more than one owner. But shifting case law has cast a new light on taxability of funds generated as an outcome of a buy/sell agreement. As a tax professional serving business owners, here’s what you need to know.
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A Strategic Approach to Business Succession Planning
Business succession planning is critical to sustaining a company's success. It involves a strategic framework to ensure a smooth transition of ownership and management when the time comes. Whether due to retirement, health issues or other life events, a well-prepared succession plan is essential for business continuity.
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Strategic Philanthropy in Family Estate Planning
Charitable giving is a cornerstone of comprehensive financial strategies for many families, combining lifetime donations and estate planning bequests. It’s also a great way to share values and missions between family members — uniting people across generations, geographies and life circumstances. When incorporating philanthropy into estate planning, the focus expands beyond the distribution of assets. It presents a multifaceted opportunity that can help you save on taxes and build wealth while also building a legacy reflecting your family’s values.
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The Role of State Income Tax Planning in Estate Planning: Maximizing Your Legacy
Estate planning is a crucial aspect of financial planning, ensuring your assets are distributed according to your wishes and your loved ones are cared for after your passing. While many people focus on federal estate tax implications, it's equally important to consider the role of state income tax planning in your overall estate planning strategy. This article will explore how state income tax planning can significantly impact your estate plan and provide strategies to maximize your legacy.
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Navigating Property and Casualty Insurance for Mid-Market Business Owners
Property and casualty (P&C) insurance isn't just a safeguard — it's a strategic component of overall asset protection and business risk management. Proper P&C insurance planning protects the business's physical assets and shields the company from liabilities that could otherwise jeopardize its financial well-being.
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What if You Have a Sudden Windfall or Unexpected Inheritance?
Receiving a sudden financial windfall, such as an unexpected inheritance, can be both exciting and challenging. For individuals already experienced in managing wealth, an unexpected financial gain requires a more nuanced approach to building this opportunity into your financial planning strategies.
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The Power of Philanthropy in Estate Planning: A Guide to Leaving a Lasting Legacy
With thoughtful estate planning, philanthropy can be a powerful and meaningful way to extend your legacy and impact beyond your lifetime.
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Navigating the Future: Creative Strategies for IRA Required Minimum Distributions and Charitable Giving
Understanding the intricacies of Individual Retirement Accounts (IRAs) becomes crucial as you approach retirement age. Required Minimum Distributions (RMDs) are a legal obligation for those aged 73 and above (if you reach age 72 after December 31 of the previous tax year) and a pivotal point in retirement tax planning*. The interplay between RMDs and Qualified Charitable Distributions (QCDs) offers a unique opportunity to manage your tax liability while contributing to causes you are passionate about. Careful planning can help manage your tax liability, ensure compliance with IRS rules, and support your retirement goals. Here are some tips and strategies for IRA RMDs, QCDs, and withdrawal planning.
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Strategic Financial Planning: The Role of Roth and Mega Backdoor Roth Conversions
Understanding the options for tax-advantaged savings growth is essential for those planning for retirement. Roth IRA and the more complex “Mega Backdoor” Roth conversions stand out for their ability to offer tax-free growth and distributions. There are important mechanics to understand, and major benefits to be had.
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Financial Planning for Women: Crafting a Legacy of Wealth
Financial planning for women transcends the simple growth of wealth. It's about designing a financial strategy that supports their lifestyle, professional goals, and their family's well-being, acknowledging the complexity of roles they play, from career professionals to caregivers for children and aging parents. Here are some practical steps for women who are steering through the intricacies of finance while maintaining a balance in their multifaceted lives.
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Navigating Beneficiary Designations for Business Owners
For business owners, effective estate planning is a critical task that serves a dual purpose: ensuring the well-being of their loved ones and the continuity of their business. A key component of this planning is the proper use of beneficiary designations, which must be approached with an understanding of their impact on both personal and business assets.
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Navigating the Delicate Path of Estate Planning with Elderly Parents
Estate planning is one of the most crucial discussions with our elderly parents. Early planning — before your parents are too old or ill — also can provide peace of mind for both the parents and their children. It’s important to remember that it’s also an act of love and responsibility, not just a financial task. Planning ahead ensures their wishes are honored and provides peace of mind for you (and your siblings, if you have them). To navigate this process, a thoughtful and well-prepared approach is essential.
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Smart Estate Planning
From creating a will to building a long-term legacy It’s a common misconception that estate planning is only for married couples with children. However, whether you are unmarried with no children or have grown children — in the middle of a successful career or approaching retirement — prioritizing estate planning is crucial. Here, we clarify the unique considerations professionals must address to create a robust estate plan and secure their future.
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Navigating Estate Planning for Blended Families: Key Considerations for Second Marriages
Estate planning is a critical process for any family, but it takes on additional layers of complexity in the case of blended families. Unlike “traditional” family structures, blended families face unique challenges that can complicate the distribution of assets, guardianship decisions, and the balancing of spousal rights with children from previous marriages.
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How to Stop Worrying about the new FinCEN Reporting Rules
Over the next few decades, members of the Baby Boomer generation are widely expected to have a final, lasting impact on their Gen X and Elder Millennial children – leaving a collective inheritance around $80 Trillion dollars!i The so-called “Great Wealth Transfer” is forecast…
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Help Me! I’m a Trust Beneficiary
Over the next few decades, members of the Baby Boomer generation are widely expected to have a final, lasting impact on their Gen X and Elder Millennial children – leaving a collective inheritance around $80 Trillion dollars!i The so-called “Great Wealth Transfer” is forecast…
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Key Interest Rates in Advanced Estate Tax Planning
Chairman of the Federal Reserve Jerome Powell has been an intensely watched figure since March, 2022 when he announced the first of a string of recent interest rate hikes.
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Pairing Tips for Vintage Wines and Vintage Trusts
Over the last 15 years, vintage wine has produced (by one measure) a 10.6% annualized return1. Some wines have done even better.
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Debt Ceiling Crisis Averted
For clients with the capacity and interest to transfer wealth to family members, intra-family loans may be a strategy to discuss and consider…
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Estate Planning – Intra-Family Loans
For clients with the capacity and interest to transfer wealth to family members, intra-family loans may be a strategy to discuss and consider…
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Estate Planning – Spousal Lifetime Access Trusts (SLATS)
A SLAT, or Spousal Lifetime Access Trust, is a special type of irrevocable trust available to married couples…
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Roth Conversions – Important Planning Considerations
A Roth conversion is one planning opportunity to consider...
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Estate Planning – Benefits of Intentionally Defective Grantor Trusts (IDGTS)
For many years, estate tax planners have designed IDGTs to freeze the value of an asset for estate tax purposes while transferring the asset out of the estate gift-tax free…
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CHOREOgraphing your Client’s Planning WALTZ
The last few years have thrown a lot at successful accounting firms.
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An Introduction to Cash Balance Plans
Typical retirement plans are subject to relatively low contribution limits. Professional firms and businesses looking for larger tax deductions and accelerated retirement savings, may find Cash Balance Plans an important alternative to consider
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End-of-Year Planning: Things to Consider in Your Financial Health
Gear up with these supplemental year-end planning points for your late fall/early winter client meetings…
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Planning Ideas for Business Owners
As most anyone reading this can attest, business owner clients are busy. This is why the shoemaker’s children go barefoot!...
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The Choreography of Planning for Private Equity Principals
By any measure, the “private equity” industry has grown multi-fold over the past two decades…
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Secure 2.0 Act of 2022
Choreo’s Retirement Plan Advisory Services (RPAS) SECURE 2.0 Act of 2022(Division T of Consolidated Appropriations Act, 2023) In December of 2022, Congress passed the Consolidated Appropriations Act, 2023, which contains a large section covering retirement in the U.S. referred to as SECURE 2.0....
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Back on Campus: Two Planning Issues for your College Student’s Success
What can Choreo clients do to ensure a smooth school year?…
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The Inflation Reduction Act Summary
What does the law focus on and how does it impact you? Clint Costa explains…
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Asset management process
At Choreo, we believe a well-designed portfolio is goals-based, thoughtfully allocated, globally diversified, risk-focused and delivered in a disciplined manner. This approach approach is intended to add value and reduce risk, simplifying your financial life and freeing you to enjoy the true wealth of…
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Choreo’s reporting and aggregation services
High-net-worth families need timeliness, visibility and accuracy to effectively manage their investment portfolios. Unfortunately, family leadership is often forced to rely on dated quarterly investment performance information. Working from separate Excel spreadsheets and proprietary reports from individual managers makes it challenging to consolidate and…
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Services for foundations, endowments and nonprofit organizations
Your organization has a unique history that informs both its present and its future. Our challenge is to understand where you have been, where you want to go and how best to help you drive it there…