Giving donations to a charitable cause is a noble act of kindness. And you are also likely well aware that as with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable value of your estate. But it doesn’t end here. You may be surprised to learn about the numerous benefits available when you incorporate charitable giving into your estate plan. Learn more here!
Taking your clients out to dinner or to a sporting event can be a great way to get to know the people with whom you are doing business and help you develop a closer relationship. Plus, it can be a legitimate business expense (with some exceptions) that you can deduct from your company’s income taxes. The rules for deducting meal and entertainment expenses from your taxes have changed quite a bit over the last few years, and these changes can be pretty confusing.
Nearly three years have passed since Aretha Franklin, known as the “Queen of Soul,” whose earnings are worth $80 million, died from pancreatic cancer at age 76. Yet, due to poor estate planning, her children have yet to see a dime of their inheritance, and what they ultimately receive will be significantly depleted by back taxes. Also, it’s still not clear whether or not Aretha ever had a valid will. Her story shows how destructive poor estate planning can be for the loved ones we leave behind.