Estate Tax Planning

Atlanta high-net-worth individuals and families have many considerations for charitable giving strategies as part of their estate plan. In a sea of options, two of the more common choices include either a donor-advised fund (DAF) or a private foundation. Both will provide certain tax benefits and help individuals and families further their legacy. However, depending on the situation, one may be a better option than the other. There are several factors to consider when deciding which approach makes the most sense.

There is a new change to federal estate planning rules which will be warmly received by Atlanta high net-worth individuals and family offices. The IRS recently released Revenue Procedure 2022-32, which allows certain qualified estates a longer timeframe to elect portability along with a simpler procedure. Previous guidance allowed for late elections for up to two years.

When President-Elect Biden takes office in January, he will inherit a battered economy, historical national debt, and the ongoing public health crisis from COVID-19. He campaigned on promises to raise taxes for corporations and wealthy Americans and reinstate or expand tax credits and incentives for lower- and middle-income earners. But campaign promises and future reality are often two different scenarios. With 2021 right around the corner, many Atlanta taxpayers are wondering what changes they can expect to individual income taxes after Inauguration day. Important insights into the potential changes can be gleaned from the President-Elect’s proposed changes for individual income taxes.

Many Atlanta business owners and individuals may have heard the alarming news that Capital One’s systems were compromised leaving sensitive data exposed. It was reported that information on 100 million US customers was compromised from credit card applications (both small businesses and individuals) submitted between 2005 and early 2019. Information such as names, address, social security numbers, income information, phone numbers, and emails was exposed. It also appears that information on credit scores, limits and balances were also taken. The FBI has formally pressed charges against the suspected perpetrator who is believed to have acted alone. This situation has left many wondering what steps they can take to determine if they were impacted and how to protect themselves.