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Monthly Archives: September 2022

S Corporation Interests & Estate Planning

Handling S Corporation Interests in Estate Planning: Electing Small Business Trusts and Qualified Subchapter S Trusts

By Andre O. McDonald |

One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor when… Read More »

generation skipping transfer tax: does it matter for me?

Generation- Skipping Transfer Tax: What it is & Why it Matters

By Andre O. McDonald |

When it comes to federal taxes, most people are very aware of the federal income tax because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift tax,… Read More »

Accepting or declining an inheritance: what you need to know

Things to Consider Before Accepting Your Inheritance  

By Andre O. McDonald |

The news that you will be receiving an inheritance is often bittersweet because it means that somebody close to you has passed away. But you might also have mixed emotions about your inheritance for reasons that have to do with the actual accounts or property you are inheriting. On the one hand, you might… Read More »

Differences between a Nongrantor Trust and a Grantor Trust

What Is a Nongrantor Trust?

By Andre O. McDonald |

Every trust has at least one grantor, also known as the trustmaker, i.e., the person who creates the trust. So, it can be confusing when terms like grantor trust and nongrantor trust are used. It is helpful to understand that neither of these terms refers to the existence or nonexistence of the trustmaker (the… Read More »

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