Estate Planning Archives - RRBB

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Don’t overlook these two essential estate planning strategies

Many tools and methods can help minimize your taxable estate and guarantee your final wishes come true. Many should implement...

Prepare for an uncertain federal gift and estate tax exemption amount with a SLAT

The federal exemption from gift and estate tax for 2023 is $12.92 million ($25.84 million for married couples). However, if...

You’ve received a sizable inheritance: Now what?

It may be tempting to think of a sizeable inheritance you've recently received or will soon receive as "found money"...

Plan carefully to avoid GST tax surprises

It's crucial to consider and plan for the generation-skipping transfer (GST) tax if you wish to pass along some of...

Should you move your trust to another state?

You may desire to transfer a trust to a more advantageous location for several reasons. For example, to prevent or...

Understanding the gift giving tax

There are particular limits to the number of gifts one may give to any individual each year to prevent taxpayers...

To file or not to file a gift tax return, that is the question

You might wonder if filing a gift tax return is necessary if you made gifts last year. The short answer:...

Business owners: Now’s the time to revisit buy-sell agreements

Buy-sell agreements should be a crucial part of your estate and succession plans if you have a stake in a...

Annual gift tax exclusion amount increases for 2023

Did you know that one of the easiest and most convenient ways to avoid paying estate taxes is also one...

What do the 2023 cost-of-living adjustment numbers mean for you? Part two: estate planning

For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

The GST tax and your estate plan: What you need to know

A not-so-fun truth is this: the generation-skipping transfer (GST) tax is one of the toughest and most complicated in the...

CLTs: A charitable trust that takes the lead

Do you tend to temporarily donate property to a charity without permanently giving it up? Then, consider the advantages of...

Take a balanced approach to retirement and estate planning using a split annuity

The biggest problem for those who are approaching or have already reached retirement is striking a balance between the necessity...

Careful planning required for beneficiaries to borrow from a trust

Intrafamily loans allow you to help loved ones out financially while potentially lowering gift and estate taxes. However, what about...

Are you and your spouse considering “splitting” gifts?

Gift splitting can help you and your spouse maximize the amount of wealth that can be transferred tax-free and is...

Power up your trust with Crummey powers

After accounting for inflation, the unified gift and estate tax exemption is up from $11.7 million in 2021 to $12.06...

Opening up to SLAT opportunities

Planning for estate taxes can get challenging when there are several parties. For instance, you might worry about supporting your...

Add estate planning flexibility with a power of appointment

Even the most well-laid plans can go wrong. Events may occur after your death that you did not anticipate or...

Defined-value gifts: Plan carefully to avoid unpleasant tax surprises

An increase in the federal gift and estate tax exemption for 2022 makes it at its most significant level ever....

Proposed regulations for inherited IRAs bring unwelcome surprises

The first significant legislation signed into law addressing retirement savings since 2006 was in late 2019. Many improvements to retirement...

Owning real estate in more than one state may multiply probate costs

Probate avoidance or minimization is one of the goals of estate planning. It is especially significant if you own property...

The donor-advised fund: A powerful vehicle for charitable giving

Consider a donor-advised fund (DAF) if charitable giving is essential to you. Usually sponsored and managed by a community foundation...

Use the net gift technique to reduce your gift tax rate

If you’re concerned about the impact of transfer taxes on your gifts, consider making “net gifts” to your loved ones....

Does your trust need protection?

Designing an estate plan can be a delicate balancing act. On the one hand, you want to preserve as much...

The 2021 gift tax return deadline is almost here, too

April 18, 2022, is the deadline for filing your federal income tax return. However, keep in mind that the 2021gifttax...

With proper planning, a charitable remainder trust can replicate a “stretch” IRA

The “stretch” IRA generally no longer exists. But with a substantial balance in a traditional IRA, a properly-designed charitable remainder...

Prepare for a new year by reviewing your estate plan

Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential...

Do you have a will

The need for a will as a key component of your estate planning may seem obvious. You’d be surprised, though,...

3 essential estate planning strategies not to be ignored

With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true...

Keep family matters out of the public eye by avoiding probate

Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s...

Can a broken trust be fixed?

An irrevocable trust has long been a key component of many estate plans. But what if it no longer serves...

Does your estate plan address your grandchildren in a fair manner?

Many people, when planning their estates, simply divide their assets equally among their children. But “equal” may not necessarily mean...

Estate planning in the FAST lane

Traditionally, estate planning has focused on more technical objectives, such as minimizing gift and estate taxes and protecting assets against...

Protect your assets with a “hybrid” DAPT

One benefit of the current federal gift and estate tax exemption amount ($11.7 million in 2021) is that it allows...

Beware of the “reciprocal trust” doctrine

If you and your spouse have similar irrevocable trusts that benefit each other, it’s important to know that the trusts...

Should a tax apportionment clause be in your estate plan?

Even though the federal gift and estate tax exemption is currently very high ($11.7 million for 2021), there are families...

Spendthrift trusts aren’t just for spendthrifts

Now that the federal gift and estate tax exemption has reached an inflation-adjusted $11.7 million for 2021, fewer estates are...

To Our Valued Clients:

RRBB has always stood on values of being entrepreneurial and visionary in our thinking – anticipating the future needs and opportunities for our clients and positioning ourselves to be ready to meet these needs with timely solutions, insights, and an innovative approach. We are excited to take another big step forward to focus on the future reimagined not only for our firm and our people, but for you.

RRBB is pleased to announce our restructuring in which we will continue to conduct our attest practice through our existing firm, Rosenberg Rich Baker Berman, P.A. ("RRBB PA"); however, we are transferring our non-attest assets and services, such as tax, consulting, and other services (including services provided by CFO Financial Partners LLC), to a new entity, RRBB Advisors, LLC ("RRBB Advisors"). Accordingly, any engagement letters or services agreements between you and RRBB PA for audit or other attest services will remain with RRBB PA. Any engagement letters or services agreements between you and RRBB PA for tax, advisory, or consulting services will be assigned to RRBB Advisors.

As part of audit and attest engagements, RRBB PA will lease professional and administrative staff, both of which are employed by RRBB Advisors, to support RRBB PA's performance of those engagements. These leased individuals will be under the direct control and supervision of RRBB PA, which is solely responsible for the professional performance of audit and attest engagements.

As part of this restructuring, our partners have teamed with Crete Professionals Alliance to provide additional resources to both RRBB PA and RRBB Advisors, operating under the brand name, RRBB. This restructuring will further cement our mission to keep a client-centric mindset in all we do to ensure we are able to stay ahead of the unprecedented business changes this environment brings. We believe with this restructuring, RRBB is better positioned than ever to deliver excellent client service.

RRBB will remain focused, as we have for more than 60 years, on what counts – you. Our investment in long-term relationships and a dedicated, integrated approach to client service remains stronger than ever. Your team relationships and interpersonal experience with RRBB will not change. We believe that you will have access to significant additional resources and a deeper bench of expertise in consulting, advisory, and industry matters as we grow long into the future.

RRBB Advisors will maintain custody of all our files. Both RRBB PA and RRBB Advisors will comply with the same confidentiality obligations with respect to your confidential information. RRBB PA is and remains a licensed CPA firm. RRBB Advisors, which is not a licensed CPA firm, will be owned by the partners of RRBB and Crete Professionals Alliance. Please let us know immediately if you have any objection to such transfer of your files. If we do not receive any such objections within ninety (90) days from the date hereof, we will presume you have no such objections.

Note that we will also share certain of your information with Crete Professionals Alliance to assist in the administration of our practice and to monitor for compliance with applicable independence rules.

We are thrilled at the impact this next step will provide to help bring you solutions, insights, and tools to maximize your vision and accomplish your business and personal goals.

Please feel free to reach out to your RRBB relationship partner with any questions.

Sincerely,

The Partners and Managing Members of RRBB

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