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Have Concerns About a Beneficiary Mismanaging an Inheritance? A Spendthrift Trust May be The Answer
An important decision you must make when creating your estate plan is who’ll inherit your assets. While many of your beneficiaries are likely capable of managing an inheritance responsibly, others may be vulnerable to financial pressures, creditor claims, poor spending habits, or other challenges that could erode the wealth you’ve
Before You Spend Lottery, Gambling or Other Winnings, Understand The Tax Rules
It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings, and other awards as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. Lottery Prizes Of course, the chances
A QPRT May be The Right “Home” For Your Primary or Secondary Residence
As property values continue to rise, homeowners with large estates may be looking for ways to preserve family wealth while minimizing future estate tax exposure. One strategy that may help accomplish these goals is a qualified personal residence trust (QPRT). QPRT Specifics A QPRT is an irrevocable trust that allows
Tax Tips For Parents With Kids Heading to College This Fall
A higher education is expensive, and many parents spend years saving up. Others haven’t had the financial bandwidth to save or have hit unexpected financial roadblocks along the way. Regardless of your situation, current tax breaks may be available to you (or to your children or even their grandparents) once
DWC CPAs and Advisors Announce Firm Promotions
DWC CPAs and Advisors is pleased to announce the following promotions Jennifer Barnhill, EA to Principal Jennifer is a distinctively experienced tax professional and licensed Enrolled Agent with deep expertise in tax compliance and strategic planning for individuals, businesses, estates, and trusts. She is recognized for her thoughtful approach to
IRS Provides Gift Tax Reporting Relief For Sec. 530A Account Contributions
Section 530A accounts, also known as “Trump accounts,” are available for contributions as of July 4, 2026. Created by last year’s One Big Beautiful Bill Act, they’re custodial, tax-advantaged accounts opened by a parent or guardian for an eligible child under age 18. In late June, the IRS issued Revenue Procedure
Is a Joint Trust Better Than Separate Trusts? Not Necessarily
A single joint living trust with your spouse can simplify the management of shared assets, but separate trusts may offer enhanced asset protection and tax planning opportunities. Which option is right for your estate plan depends on a variety of factors, including your and your spouse’s combined assets, financial goals,
Don’t Overlook These Tax Issues After a Job Loss
Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss
A Trust Protector Can Help Ensure That Your Trust Will Fulfill Your Goals
Your estate plan should be flexible enough to adapt to changing laws, family circumstances, and financial situations. If it includes an irrevocable trust, there’s a risk that the trustee will be unwilling (or unable) to make appropriate moves in response to changes. A trust protector can provide the needed flexibility
The “Kiddie Tax” Can Apply Long After Childhood
Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it can also apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the