Andrea Shoup

20% Deduction for “Pass-Through Businesses” 95% of US businesses use “pass-through” business structures for taxation. These include sole proprietors, partnerships and S-corporations, where the business income is essentially taxed as personal income, at the corresponding personal tax rate. The new law now provides for a 20% deduction on that income, a change that is bound […]

The Tax Cuts and Jobs Act of 2017 (‘Act’) became effective on January 1, 2018 and is the first significant change to the tax code since 1986. Whether or not one agrees with the underlying change in tax policy, the Act will affect many financial and estate planning decisions for individuals and families. These changes […]

What Exactly Does an Estate Plan Do for My Family? An estate plan is the best way to ensure that your assets and resources will be distributed in the best way, and free of complications or conflict. In the modern world it is really a necessity rather than a luxury to have a solid estate […]

As you review your year-end finances and asset plans, it pays to list and secure all important papers. This is especially true with estate planning documents, that reflect your wishes about your assets and heirs. If those are destroyed with no copies, then all of your good effort to protect your heirs will have no […]

What Type of Life Insurance is Best for Your Estate Plan? There are two basic types of life insurance policies: term and whole life. Term life insurance is just like it sounds, for a specific time such as 15, 20 or even 30 years. Whole life insurance is just that, for the whole lifetime and […]

When you are making your estate plan it is natural to think first about your family members as heirs, so that they are taken care of in the future.  However, there are many benefits of including your favorite charities in your will or trust, that won’t compromise the interests of your heirs.  Here is an […]

Many people have questions about the difference between a will and a trust, and when a trust may be necessary. The Basic Facts About Wills – Very simply, a will states the wishes of a person upon their passing about how to distribute their property to heirs.  The will also names an executor who oversees […]

Often, aging parents will name one of their adult children to act as successor trustee for a revocable trust in their estate plan.  While this may seem like a simple job until both parents pass away, there are some challenges that can arise if your parents are elderly or unable to make sound decisions for […]

What Are the Related Areas of Tax and Estate Planning? There are few areas where both tax planning and estate planning need to be considered together.  How assets are held, transferred and valued all have an impact on taxability. Lifetime Gifts:  You may make gifts during your lifetime up to $14,000 per year, for as […]