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Soy un recién casado con pocos bienes. ¿Cómo puede ayudarme la planificación patrimonial?

Un matrimonio es un vínculo entre dos personas que se han comprometido a enfrentar la vida juntos. Si recientemente se ha comprometido a pasar el resto de su vida con su cónyuge, no hay mejor momento que ahora para establecer un plan de sucesión.

Si bien la preparación para el futuro puede ser intimidante, la planificación patrimonial puede aliviar gran parte de esta incertidumbre. Los recién casados ​​comparten un esfuerzo conjunto hacia el crecimiento y la estabilidad, y la planificación patrimonial es una extensión de este objetivo. Independientemente de los ingresos, el valor de los activos o el estado de los propietarios, los recién casados ​​se encuentran en una posición muy favorable cuando se trata de construir un plan de sucesión. Donde empiezas

Es útil pensar en la planificación patrimonial como una forma de proteger sus activos, posesiones y preferencias médicas. Como tal, los cónyuges pueden compartir esta responsabilidad incluso si tienen pocos activos o no son propietarios. Un error común es que la planificación patrimonial solo abarca bienes raíces. Sin embargo, éste no es el caso. Su patrimonio incluye (pero no se limita a): vehículos motorizados, objetos personales preciados, reliquias y cuentas de inversión.

Los recién casados ​​pueden comenzar (o actualizar) su plan de patrimonio haciendo que un abogado prepare lo siguiente:

Última voluntad y Testamento

Una voluntad bien elaborada puede ser una fuente de alivio para el cónyuge, la familia y los seres queridos sobrevivientes. Incluye los deseos del difunto por la administración y administración de su patrimonio. Las parejas casadas a menudo combinan activos, que pueden cambiar la naturaleza de la voluntad preexistente de un individuo.

Si tiene hijos o planea tener hijos, un testamento es una vía vital para proteger su legado. Las preferencias de herencia y tutela también se pueden describir en su testamento.

Aquellos que tienen un testamento y aún no están casados, pero que planean casarse pronto, son muy alentados a revisar su testamento después del matrimonio. Un cambio en el estado civil es solo uno de los eventos significativos de la vida que justifican la revisión de un testamento. Otros eventos importantes de la vida incluyen cambios en la residencia, la carrera y el estado de los propietarios.

Poder Legal

Tener un documento de Poder notarial en su lugar le permite designar a un agente para que tome decisiones legales, financieras y personales en su nombre en caso de que no pueda tomar estas decisiones por sí mismo. La elección de un agente puede tomar algunas deliberaciones y discusiones con su cónyuge y con la persona que usted decida nombrar. Por esta razón, es crucial comenzar el proceso de planificación patrimonial más temprano que tarde.

Directiva Avanzada

Las directivas avanzadas también son importantes, independientemente del tamaño de su patrimonio. En este documento, puede elegir un agente de atención médica para tomar decisiones médicas por usted. El poder de decisión de su agente de atención médica puede ser limitado o general. Las preferencias médicas específicas, como las órdenes de “No resucitar”, también se incluyen en una directiva avanzada.

Por mucho que tratemos de planificar con anticipación las emergencias, las situaciones imprevistas son inevitables. Al comenzar una nueva vida juntos, usted y su cónyuge deben priorizar su enfoque del bienestar financiero y médico; Estas decisiones importantes no pueden dejarse a la suerte. Aquellos con fincas pequeñas tienen la capacidad de crecer y mantener activos en los próximos años y sentirse cómodos al saber que tienen el control.

La información de este artículo se ofrece solo con fines educativos y no constituye asesoramiento jurídico. Para obtener ayuda específica, consulte con un abogado autorizado en su jurisdicción.

Tener un profesional de planificación patrimonial no solo ofrece una comunicación y una dirección claras, sino que también brinda tranquilidad. Un plan de sucesión es una herramienta crucial para ayudarlo a alcanzar sus metas, tanto individuales como compartidas. Si desea obtener ayuda con la planificación patrimonial en Maryland o tiene preguntas sobre su situación, lo invitamos a contactarnos en las Oficinas Legales de Elsa W. Smith, LLC. 410-995-7719

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I am a newlywed with few assets. How can estate planning help me?

A marriage is a bond between two people who have pledged to face life together. If you have recently committed to spending the rest of your life with your spouse, there is no better time than now to establish an estate plan.

While preparing for the future can be intimidating, estate planning can ease much of this uncertainty. Newlyweds share a joint effort toward growth and stability, and estate planning is an extension of this aim. Regardless of income, asset value, or homeowner status, newlyweds are in a highly favorable position when it comes to building an estate plan. Where do you begin?

It is helpful to think of estate planning as a way to protect your assets, possessions, and medical preferences. As such, spouses can share this responsibility even if they have few assets or do not own property. A common misconception is that estate planning only encompasses real estate. However, this is not the case. Your estate includes (but is not limited to): motor vehicles, prized personal possessions, heirlooms, and investment accounts.

Newlyweds can begin (or update) their estate plan by having an attorney prepare the following:

 

Will

A well-crafted will can be a source of relief for surviving spouse, family, and loved ones. It includes the decedent’s wishes for the management and administration of their estate. Married couples often combine assets, which can change the nature of an individual’s pre-existing will.

If you have children or plan to have children, a will is a vital avenue for protecting your legacy. Inheritance and guardianship preferences can also be outlined in your will.

Those who have a will and are not yet married, but are planning to be married soon, are highly encouraged to revise their will after marriage. A change in marital status is just one of the significant life events that justify a will revision. Other significant life events include changes in residency, career, and homeowner status.

Power of Attorney

Having a Power of Attorney document in place allows you to appoint an agent to make legal, financial and personal decisions on your behalf in the event that you cannot make these decisions for yourself. Choosing an agent may take some deliberation and discussion with your spouse and the person you decide to appoint. For this reason, it is crucial to start the estate planning process sooner rather than later.

Advance Directive

Advance directives are also important regardless of the size of your estate. In this document, you may choose a healthcare agent to make medical decisions for you. The decision-making power of your healthcare agent can be limited or general. Specific medical preferences, such as “Do Not Resuscitate” orders, are also included in an advance directive.

 

As much as we try to plan ahead for emergencies, unforeseen situations are inevitable. In starting a new life together, you and your spouse should prioritize your approach to financial and medical well-being; these major decisions cannot be left to fate. Those with small estates have the ability to grow and maintain assets in the years to come and take comfort in knowing they are in control.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.

Having an estate planning professional not only offers clear communication and direction but allows for peace of mind. An estate plan is a crucial tool to help you achieve your goals, both individual and shared. If you would like assistance with estate planning in Maryland or have questions regarding your situation, we invite you to contact us at the Law Offices of Elsa W. Smith, LLC. 410-995-7719

What the New 20% Pass-Through Deduction Means for Business Owners

What the New 20% Pass-Through Deduction Means for Business Owners

It is essential for business owners to be familiar with their landscape, reap all available tax benefits, and stay up-to-date with developments in the business world. The 20% deduction for pass-through businesses, outlined in IRC Section 199A, was introduced in the 2017 Tax Cuts and Jobs Act. It is the subject of wide discussion (and some confusion) by business owners and informed citizens. An overview of the deduction and its terms sheds light on the deduction and what it means for U.S. business owners.

Pass-Through Entities

The 20% Pass-Through Tax Deduction applies to pass-through (or flow-through) entities. This include sole proprietors, partnerships, S corporations, and LLCs.

Pass-through entities are not subject to corporate income tax. As opposed to C corporations, which are taxed doubly, pass-through entities are only taxed once on their profits.

Profits made by pass-through entities are taxed on an individual basis (the income of owners is taxed). The deduction applies to the owner’s tax return.

Eligibility Exclusions

The 20% Pass-Through Tax Deduction applies to Qualified Business Income (QBI). There are several restrictions to Qualified Business Income.

Capital gains and capital losses, dividends, and interest income are not included in the definition of Qualified Business Income, and are excluded from the 20% pass-through deduction. Services performed by employees of a trade or business are also inapplicable.

Income generated by a specified service trade or business (SSTB) is excluded from the deduction, but only if the business income exceeds a certain amount. Specified service trades or businesses include any business or trade where the service provided is dependent on the skill or expertise of one or more of its employees. As such, trades and businesses in the industries of law, performing arts, investing, and medical services, among others, do not qualify for the deduction with respect to high-earning businesses. IRS.gov states that “This exception only applies if a taxpayer’s taxable income exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers.”

Who is eligible for the 20% pass-through deduction?

  • For trades or businesses that fall under the taxable income limitation listed above ($315,000 for jointly filed returns and $157,000 for all others), the following options are calculated and the lesser of the options will be deducted:
  1. The taxpayer receives a 20% deduction of Qualified Business Income. In addition, the taxpayer also receives a 20% deduction on qualified real estate investment trust dividends and money earned publicly traded partnerships.
  2.  The taxpayer receives a 20% deduction on taxable income after subtracting net capital gains.
  • For trades or business with taxable income that is higher than $157,000 for single filings or $315,000 for married joint filings but lower than $207,500 (single) or $415,000 (married), the deduction depends on whether the business is a specified service trade or business (SSTB) or not, and is calculated as follows:
    • SSTB: The deduction is phased out as income increases. This means that they do not receive the full 20% deduction, but still receive a partial deduction for their specified service trade or business. As the SSTB income reaches the cap of $207,500 for singles and $415,000 for married couples, the deduction becomes 0%.
    • Non-SSTB: The business may still qualify for the 20% deduction, with limitations. See the deduction calculation for the next-highest income bracket.

 

  • For pass-through trades or businesses that exceed $207,500, or $415,000 for married joint filings, the 20% deduction does not automatically apply. In addition, the specified service restriction applies to this income bracket. All specific service trades or business are excluded from the deduction in this bracket. For non-SSTB pass-throughs, the deduction is calculated by comparing the following options and determining the smallest amount. The option resulting in the smallest amount is the applicable deduction for this bracket:
  1. 20% deduction on Qualified Business Income; or
  2. The greater of the following:

a)  50% deduction of total employee wages

b) 25% deduction of total employee wages in addition to 2.5% deduction of the cost basis of the business’ qualified property.

Looking Forward

Business owners can agree that it is crucial to understand and make the most of tax breaks, laws, and regulations. Navigating business and tax matters can be a complicated process, but it doesn’t have to be. Having the assistance of a business professional can calm uncertainty, build confidence, and fortify your business endeavor. Contact us at the Law Offices of Elsa W. Smith, LLC to schedule your business consultation today.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.