isler, northwest, business advisors, portland

How much life insurance do you need (if any)?

Article by

Before we deal with the downer of your death, let’s talk about your life.

Does anyone depend on you? Like, financially, depend on you?

No?

Then you’re probably fine without life insurance.

Of course, there are certain circumstances in which a single person with no one financially dependent upon them would need life insurance.

But, generally, financial advisers say young, single, childless folks can focus on paying down debts and building up savings first. Read more

cpa, business advisors, portland, oregon

Estate Planning Strategies Before Congress Acts On Tax Reform

Article by Cara O’Brien | Found on AccountingToday.com

Estate planning has once again entered the realm of uncertainty.

We do not know if there will be new legislation regarding the estate and gift tax, nor do we know when such possible legislation will take place (if ever). For example, if the estate tax is repealed, will the estate tax cease immediately or as of some future date; or will the estate tax be phased out over a number of years? If there is a repeal, how long will the repeal last (viewed from both the perspective of the text of the new legislation, and the possibility of a political shift that could result in more new legislation)? Read more

Tax, Estate Planning, Benefits Opportunities After Supreme Court's Same-Sex Marriage Decision

Tax, Estate Planning, Benefits Opportunities for Same-Sex Couples

Article by Ashlea Ebelling | Featured on Forbes | Featured Image by Rena Schild / Shutterstock.com

Today’s historic Supreme Court decision, Obergefell v. Hodges, affirmed a constitutional right to same-sex marriage in all 50 states, opening up tax, estate planning and employee benefits opportunities for couples in the 13 states that have not permitted same-sex marriage. For one, same-sex married couples may be able to claim state income tax refunds. They no longer have to worry about state estate taxes at the death of the first spouse. And they may save on health insurance at work.

Same-sex couples in these states have been operating in a “sort of limbo situation,” says Nicole Pearl, an estate lawyer with McDermott Will & Emery in Los Angeles. (The states are: Arkansas, Georgia, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee and Texas.) If they got married out-of-state, they could get the federal benefits of marriage but their home state could still deny them the benefits of marriage under state law. So they could file a joint federal income tax return but not a joint state income tax return, for example. The first to die could leave property to the other, without the survivor needing to pay federal estate taxes, but there was a same-sex state death tax trap.

Read more