Thursday April 15, 2021
News
Family Limited Partnerships
A family limited partnership (FLP) is usually created by parents. It has several purposes. An FLP can save estate taxes and permit transfers to family members. While it is uncertain what the future exemptions and estate tax rates will be, large estates are nearly certain to face major taxes in the future. The FLP is a favored method for reducing estate tax.
Another benefit is protection of assets. The FLP interests can be given to children and other relatives. It is very difficult for any creditor to reach FLP assets. The protection also...MORE
$26 Billion to Social Security Beneficiaries
On April 7, 2021, the Internal Revenue Service and the U.S. Department of the Treasury announced that another 25 million Economic Impact Payments (EIPs) had been distributed. The total distribution now is 156 million payments with value over $372 billion.
The fourth batch of payments included 19 million checks or deposits worth $26 billion. This block of payments went to Social Security beneficiaries who did not file a 2019 or 2020 tax return and did not use the Non-Filers tool on IRS.gov.
There were also three million payments worth $5 billion that went to Supplemental Security Income (SSI) beneficiaries and nearly 85,000 payments worth $119 million to Railroad Retirement Board (RRB) recipients.
The IRS is...MORE
How to Help a Parent with Finances
What tips can you offer on helping a parent with his or her finances? My 84-year-old father is having trouble keeping up with his bills and insurance, and I just found out that he has been making...MORE
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