Family Wealth

Jimmy Eggers Promoted to Partner

Jimmy Eggers has been promoted Tax Partner at Smith Leonard PLLC effective January 1, 2019. He specializes in tax planning and compliance for closely-held businesses along with their respective owners and comprehensive financial planning for high net worth families.

November 16, 2018/Tax, Family Wealth, Financial Planning

Alternative Gifts for the Kids and Grandkids

With the holiday season approaching, thoughts turn to presents for the family. Toys? They already have too many. Sweaters? Practical, but maybe a little too practical. Consider a few financial gifts that might fit the bill.

November 7, 2018/Tax, Family Wealth, Business Planning

Educate Your Children on Wealth Management

If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]

November 3, 2018/Tax, Family Wealth, Business Planning

Take Caution When Including Employees in Your Estate Plan

If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift or […]

October 25, 2017/Tax, Family Wealth

Inflation Adjustments for Some Tax Provisions for 2018

On October 19, 2017, the IRS released Revenue Procedure (Rev Proc) 2017-58 that details the annual inflation adjustments for over 50 of the sections of the Internal Revenue Code for tax years beginning in 2018. Key highlights include changes in estate and gifts as well as individual income taxes.

December 8, 2016/Press Release, Family Wealth

Smith Leonard Welcomes Karen Hodson as Tax Director

Smith Leonard PLLC announces that Karen Hodson, CPA, has joined their team as a Tax Director. She will be based in the firm’s High Point location but will serve clients across the Triad.

November 28, 2016/Tax, Family Wealth

Are Gifts a Good Idea?

With the election of Donald Trump as President, and the Republicans maintaining majorities in both houses of Congress, many clients are beginning to ask if the estate tax is going away. Furthermore, they are wondering if they should continue to make gifts given this possible change.

September 7, 2016/Tax, Family Wealth

Private Client Services Proposed Regulation Change

Gift or estate taxes (and possibly generation skipping taxes) are imposed on the value of all property transferred during life and at death. New proposed regulations regarding estate planning and valuation discounts were released on August 2, 2016, and if they become final, would significantly impact the availability of minority interest and lack of control discounts for transfers of privately held business interests among family members. In general, the effective date of these new regulations will be the date the regulations are published as final (which is expected to occur in the spring of 2017). It is imperative that clients wishing to transfer interests in closely held businesses to family members complete the transactions this year to avoid the application of the potential new rules.

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