Most of us lead hectic lives, but as part of an estate plan, it is important to take time to designate or update beneficiaries for all your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.
In this election year, one of the most important decisions will be made on your 2015 tax return. You must determine whether it is better to deduct state and local income taxes paid last year or to claim a deduction for state and local sales taxes. What’s at stake? Tax dollars.
Mid-year promotions were recently announced at DeJoy, Knauf & Blood. We had two team members promoted to manager and one team member promoted to supervisor! While our annual promotion day is August 1st, if team members show exemplary talent and skill we are excited to promote them early! It is our goal to continue growing not only our client base, but our talented team members as well.
Facebook founder Mark Zuckerberg made news recently by promising to give away 99% of his net worth, including his Facebook shares, to charity. The arrangement takes advantage of a unique tax break for charitable gifts of appreciated property, such as stock.
Background: If you have held property long enough for it to qualify for a long-term capital gain if you had sold it—in other words, more than one year—you can deduct an amount equal to the property’s fair market value (FMV). On the other hand, if the property would not qualify for long-term capital gain treatment on a sale, your deduction is limited to your basis in the property, which is often its original cost.
DeJoy, Knauf & Blood is honored to be nominated for the Rochester Business Journal's 2016 Best of the Web Award in the Banking and Financial Services Category!