About Joseph Ohara

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So far Joseph Ohara has created 251 blog entries.

When should you turn down an inheritance?

    “Thanks, but no thanks.” If you expect to receive an inheritance from a family member, you might want to use a qualified disclaimer to refuse the bequest. As a result, the assets will bypass your estate and go directly to the next beneficiary in line. It’s as if the successor beneficiary, not you, had been named as the beneficiary in the first place. Why would you [...]

By |2022-06-23T11:17:03-04:00June 23rd, 2022|CPA-Blog|0 Comments

Five tax implications of divorce

      Are you in the early stages of divorce? In addition to the tough personal issues that you’re dealing with, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are five issues to consider if you’re in the process of getting a divorce. Alimony or support payments. For alimony under divorce [...]

By |2022-06-21T10:44:35-04:00June 21st, 2022|CPA-Blog|0 Comments

Additional expenses for his business like merchandise/Show Fees/ Tour Travel

    Does your college-aged child have a basic estate plan? In more cases than not, the answer is “no.” The good news is that the summer months are the perfect time to enlist the help of an estate planning advisor to create a plan, as your child will be available to sign the documents before heading to school in the fall. Here are the four critical estate [...]

By |2022-06-16T10:01:24-04:00June 16th, 2022|CPA-Blog|0 Comments

Your estate plan: Don’t forget about income tax planning

  As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs. Note: The federal estate tax exclusion amount [...]

By |2022-06-14T11:15:31-04:00June 14th, 2022|CPA-Blog|0 Comments

Add estate planning flexibility with a power of appointment

  The best laid plans can go awry. After your death, events may transpire that you hadn’t anticipated or couldn’t have reasonably foreseen. There’s no way of predicting the future, but you may want to supplement your existing estate plan with a trust provision that gives a designated beneficiary a “power of appointment” over some or all of the trust property. Essentially, this person will have the discretion [...]

By |2022-06-09T10:48:04-04:00June 9th, 2022|CPA-Blog|0 Comments

Social Security benefits: Do you have to pay tax on them?

    Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of Social Security benefits depends on your other income. If your income is high enough, between 50% and 85% of your [...]

By |2022-06-07T10:20:56-04:00June 7th, 2022|CPA-Blog|0 Comments

Estate planning and business succession planning: The lines blur with a family business

    For many business owners, estate planning and succession planning go hand in hand. As the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business. If you don’t take the proper estate planning steps to ensure that the business lives on after you’re gone, you may be placing your family at risk. Separate ownership and management [...]

By |2022-06-02T14:54:24-04:00June 2nd, 2022|CPA-Blog|0 Comments

Is it a good time for a Roth conversion?

  The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth Here’s what makes a traditional IRA different from a Roth IRA: Traditional IRA. Contributions to a [...]

By |2022-06-01T09:56:23-04:00June 1st, 2022|CPA-Blog|0 Comments

CLTs: A charitable trust that takes the lead

  Are you inclined to donate assets to a charity for a period of time without ultimately giving up the property? Consider the benefits of a charitable lead trust (CLT). This type of trust is essentially the opposite of the charitable remainder trust (CRT), a better-known alternative. With a CLT, the property eventually reverts to your family members — not the charity. At the same time, the CLT [...]

By |2022-05-31T13:21:21-04:00May 31st, 2022|CPA-Blog|0 Comments
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