Author: Bobby Feisee

Every Bit Counts – Estate Planning and Your Bitcoin Assets

Our firm has written extensively about the shifting dynamics of estate planning and ensuring that digital assets are properly accounted and managed. Bitcoin certainly falls under that category. Why? Because the IRS announced in 2014 that Bitcoin will be treated as property for U.S. tax purposes. That means if you buy or sell bitcoin currency, you will need to report either gains or losses on the transactions, and if you received bitcoin as payment for goods and services, you will have to report those receipts as gross income. Also, if you have a substantial amount of bitcoin currency, who receives...

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Alert – April 29, 2016 is the Filing Deadline for Social Security Benefits that will be Lost Under New Laws

The Bipartisan Budget Act of 2015 eliminated some great potential Social Security claiming strategies. However, people who have already filed are grandfathered in, and others may still be able to participate in these strategies IF they file by the April 29 deadline. Under current law, if you reached the age of 66, and waited to claim social security, you can “file and suspend” your retirement benefits, or file a “restricted claim for spousal benefits only” (see details below).However, these strategies will soon be lost under the new law. Social Security Basics You may start collecting Social Security benefits as early as age 62,...

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New Medicare Benefit – Helping You Make Your Wishes Known

Note: This article is courtesy of DocuBank® Starting this year, Medicare is making it easier for people to have conversations about their medical wishes.  This is good news.  These conversations are important.  They help you think about what’s important to you and help you get the care that you want when it matters most. With the benefit available, now is the time to talk with your lawyer, loved ones and doctor about your wishes, and make sure both have copies of your advance directives (if you do not already have these important documents drafted, schedule a time to meet with your estate planning...

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Slammed: IRS Takes Big Chunk Out of Detroit Pistons Owner’s Estate

Who says the government is broke? The Internal Revenue Service (IRS) just took $388 million from the estate of Detroit Pistons owner Bill Davidson, according to Forbes.com. A dispute arose after Mr. Davidson passed away and the IRS claimed it was owed $2 billion in estate, gift, and generation-skipping taxes. The IRS argued that the Davidson Estate undervalued corporate stock and improperly valued self-cancelling installment notes (SCINs). As to the stock, the IRS said that the estate low-balled the value of privately held Guardian stock held in trust for Davidson’s children and grandchildren. Mr. Davidson’s estate took the IRS to U.S. Tax Court challenging...

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Summer Update

The summer has continued to stay busy at InSight with the addition of new clients and their families and team members enjoying their summer vacations. We are happy with the success of the Annual Client Meetings, (minus the parking issues to work out at the Arlington location) and we got a lot of great feedback from clients as well as much needed documentation from everyone. We want to thank all of our clients who were able to attend and those who have been so cooperative with providing all the verifications and documents we have been requesting to ensure the success of...

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