Tuesday, May 4, 2021
Geoffrey D. Wills has joined McDonald Hopkins LLC as an Associate in the Estate Planning and Probate Practice Group in the firm’s Cleveland office.
Thursday, April 29, 2021
Significant changes in tax law, including reduced estate and gift tax exemptions, could happen sooner than expected. Our Estate Planning and Probate team has prepared an overview of changes that have already occurred and proposed changes that could significantly affect your estate plan, and has insight on why you should review your estate plan.
February 25 deadline approaches for 100 percent deduction limit for certain corporate charitable cash distributions for disaster relief
Friday, February 12, 2021
In a recent release (IR-2021-27), the IRS explained how corporations may qualify for a new 100% limit for non-COVID-19 disaster relief contributions made to certain charitable organizations, and reminded taxpayers of the February 25, 2021, deadline for making such contributions. The IRS also relaxed certain recordkeeping requirements for corporations qualifying for the increased limit.
Friday, May 1, 2020
There’s a new opportunity for gifts to charity from IRAs and qualified plans, but think fast and don’t forget about qualified charitable distributions.Congress and the president have given us a limited time offer to deduct cash gifts to public charities up to a total of 100% of adjusted gross income (AGI). The offer is good for gifts made in 2020.
Friday, April 10, 2020
Historically low interest rates and asset values at suppressed values due to the COVID-19 crisis makes this the perfect time to consider the following estate planning strategies.
Katherine Wensink featured in Crain's Cleveland Business article on retirement needs of the boomer generation
Wednesday, January 22, 2020
Member Katherine Wensink of McDonald Hopkins Tax and Benefits Department was quoted in Lee Chilcote’s article in Crain’s Cleveland Business, “Boomer factor: Law firms face retirement needs of largest generation in U.S. History
Monday, January 13, 2020
The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) provides new incentives and opportunities to make contributions to retirement accounts. It affects all 401(k) plans and IRAs. For account owners who died before 2020, payments from their retirement accounts could be “stretched” over the lifetimes of their beneficiaries.
Thursday, October 3, 2019
"We heard that we could get rid of our trusts," are familiar words heard in our law offices today. We use certain trusts to minimize federal estate taxes or “death taxes” as they are known. The much publicized American Taxpayer Relief Act of 2012 instituted a federal estate tax exemption of $5 million that was indexed for inflation as well as the concept of “portability.”