Farm Credit East Senior Tax Consultant, Dario Arezzo, explains the benefit of an Intentionally Defective Grantor Trust for estate planning and generational transfer purposes, as well as the tax implications.
While guidance and legislation continue to come from all sides, the House of Representatives — following the Senate’s lead — passed the Coronavirus Aid, Relief and Economic Security Act and the legislation has been signed by President Trump. The purpose of this post is to highlight the current legislation’s tax implications and their relevance to Northeast agriculture and customers of Farm Credit East.
As we approach the holiday season, or tax-planning season as we like to call it, there are major tax changes that will require proactive planning with your tax professional. The tax law changes that have been in the news may seem overwhelming, but it is more important than ever to spend time optimizing tax strategies to reduce your tax liability. Here are some of the important tax planning strategies to consider.