Welcome to our Holiday Newsletter. As we close out the year, I would like to provide you with helpful information regarding Georgia's new Trust Code, changes happening at H&A, our take on paying 4th quarter estimates early and why it could benefit you to take advantage of state tax credits. Of course, one of the real joys of the Holiday Season is the opportunity to say Thank You and to wish you happiness in the coming year.
Sincerely,
Mike
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Be Careful What You Wish For
While trust law has been around for hundreds of years and is relatively well settled, the State of Georgia finally entered into the 21
st
century and made some significant upgrades to our Trust Code, effective July 1, 2018. Many of these changes are consistent with what most states across the country are doing with their trust law. Significantly, Georgia changed its Rule Against Perpetuities - the restriction on how long a document can create or govern a trust - from 90 years to 360 years. This is significant because it allows trusts that are set up for multiple generations to run for more than ten generations, as opposed to about 2 1/2 generations.
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Farewell and Welcome!
We are at once delighted and disheartened to announce that Mary Daugherty, Tax Manager at Hoffman & Associates, is retiring at the end of this year. Mary has been an integral member of our firm gifted with a sharp accounting mind and a compassionate nature towards all of our clients.
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Think Before You Pay…..
it may be a good idea to wait and pay 2018 4
th
Quarter State Estimates next year
We have been trained to pay our 4
th
Quarter state estimates in December. Paying a couple of weeks early meant deducting a whole year early – a no-brainer! This year, due to the new tax act (The Tax Cuts and Jobs Act passed in December 2017), you should think before you pay your fourth quarter state estimate.
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The “Queen of Soul” and Her $100 Million Estate
When the “Queen of Soul”, Aretha Franklin, belted out the 1968 lyrics “You Better Think”, it was clear she wasn’t practicing what she preached when it came to managing her estate. On August 16, 2018, in Detroit, Michigan, Aretha Franklin died intestate (without a will), leaving the question of what to do with her estate that is valued at nearly $100 million.
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State and Local Tax Limitations Have Taxpayers Looking for Extra Credit
The Tax Cuts and Jobs Act of 2017 significantly impacts all taxpayers. For individuals, it will have the most noticeable impact on itemized deductions: the standard deduction has nearly doubled; and with the new limit on deducting state and local taxes (SALT), many taxpayers may not be itemizing this year.
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Stan Lee’s “Unfriendly Misalliance”: The Benefits of Using a Corporate Trustee
Stan Lee, l
egendary comic book icon and creator of more than 100 super-heroes and villains, like
X-Men, Spider-Man, and the Hulk, passed away this week.
At age 95, after losing his beloved wife of almost 70 years, he suffered what he referred to as “unfriendly misalliance” involving his vast estate - fending off real-life characters, including his long-time road manager, two business associates, and even his only daughter.
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