By: Joe Lieberman, J.D., LL.M., Law Clerk, Morris Law Group - April 07, 2020
Last month, we addressed the Federal Reserve Bank’s interest rate decreases in response to COVID-19, and discussed several planning considerations, including Intra-Family Loans, Grantor Retained Annuity Trusts (GRATs) and Sale to Grantor Trusts to take advantage of the reduced interest rates.
For individuals who are charitably inclined during this reduced interest rate environment, Charitable Lead Annuity Trusts (CLATs) are a great vehicle to consider right now for the transfer of cash or other assets. Upon creation of a Grantor CLAT, the Grantor receives a gift tax charitable deduction based on the present value of the trust’s required future distributions to the charity.
Federal Income Tax Deadline Extended To July 15, 2020
By: Stuart R. Morris, Esq., CPA, B.C.S. - March 23, 2020
The federal government announced on Friday, March 20, that the federal Tax Day is moving from April 15 to July 15 for both filing and tax payments. U.S. Secretary of the Treasury Steve Mnuchin tweeted, "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."
Update Your Planning To Take Advantage Of The Low-Rate Environment
By: Stuart R. Morris, Esq., CPA, B.C.S. - March 22, 2020
I hope you and your family members are well and weathering these unprecedented times in our country with the COVID-19 coronavirus and its impact on financial markets. There is no doubt we're in uncharted territory here, but we are all in this together. That's why it's important to have each other's backs and look out for each other now more than ever before. Here at Morris Law Group, we continue to have our clients' best interests in mind. It is along those lines that we wanted to keep you apprised of certain planning opportunities to consider in this low-interest-rate environment.