Conference Call: 9 Year-End Charitable Tips for 2016 and Philanthropic Strategies for 2017 and Beyond

Year-end giving allows you to positively impact the greater good by helping charities in need, while reducing your 2016 tax liability. During a new conference call with clients, John O. McManus shares important advice on how to give now to capture the greatest income tax deductions, and he identifies tax-efficient estate planning vehicles to consider for your ongoing philanthropic mission.

LISTEN HERE: “9 Year-End Charitable Tips for 2016 and Philanthropic Strategies for 2017 and Beyond”

“The result of this year’s election makes taking advantage of deductions in 2016 even more urgent and more important,” explained McManus. “Income tax rates will likely go down in 2017, reducing the value of deductions. Because tax deductions are more impactful when tax rates are higher, consider making your charitable gifts for 2017 before the end of 2016.”

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Conference Call: Top 10 Tax Planning Tasks to Complete before the End of 2016 in Light of President-Elect Trump’s Proposals

In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as part of your year-end planning. Today, McManus & Associates Founding Principal John O. McManus held a conference call with clients to discuss the 10 items listed below.

LISTEN HERE: “Top 10 Tax Planning Tasks to Complete before the End of 2016 in Light of President-Elect Trump’s Proposals”

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Trusts & Estates, WealthManagement.com Publishes Guest Article from McManus on Coordination of Income Tax and Estate Planning

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Combine Income Tax Preparation and Estate Planning

Coordination is key

Apr 1, 2015 John McManus Trusts & Estates

When tackling a jigsaw puzzle, you’ve likely taken the “divide and conquer” approach, separating the larger puzzle into more manageable sections. Eventually, you bring the different areas of focus together to put the finishing touches on the full image.

Wealth management is the same. Estate planning emphasizes an array of complex matters spanning death taxes, asset protection, incapacity, guardianship and family missions. Compartmentalizing can be helpful, but advisors must remember to bring the pieces of the puzzle back together in the end. It’s critical that strategies to maximize the value of your clients’ estates are coordinated with their retirement, financial and income tax planning.

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McManus Weighs in on IRS’ Dirty Dozen Tax Scams for ThinkAdvisor

Photo credit: Lendingmemo

Photo credit: Lendingmemo

The IRS recently issued its list of “Dirty Dozen” tax schemes, an annual release that kicks off tax season. Michael Fischer, contributor for ThinkAdvisor, took a closer look at the 12 scams and tapped McManus & Associates Founder John O. McManus for his guidance on two that specifically impact high-net-worth individuals (HNWIs): “Stashing cash offshore” and “Abusive tax shelters”.

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Firm’s Tax Experts Hold Conference Call on Income Tax Preparation

McManus & Associates can prepare your Income Tax Returns. For many years, the firm has been completing tax returns for clients and has learned that keeping income tax planning under the same roof enables a more refined level of specificity in estate planning for your family. Want to hear more about how you can benefit from McManus & Associates’ Income Tax Planning Practice? Listen to the firm’s recent conference call with clients (link below) and contact us at 908-898-0100/212-753-9000.

LISTEN HERE: “Preparing Your Tax Returns”

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Forbes: “Farm Like A Billionaire–Harvest Tax Breaks” and the 2012 Investment Guide

Forbes magazine’s June 25, 2012 Investment Guide issue has been posted online, and several stories of interest are included from Ashlea Ebeling, who writes about how to build, manage and enjoy your family’s wealth.

Ashlea Ebeling

Founding Principal of McManus & Associates John O. McManus, a trusts and estates attorney, spoke with Ashlea about the requirements tied to reaping tax benefits from farm-assessed property for her article “Farm Like A Billionaire–Harvest Tax Breaks.” The piece shares examples of high-net-worth individuals (HNWIs) planting lavender, establishing honey hives and declaring wildlife preserves to “harvest real estate tax breaks” and income tax savings.

Based on her conversation with John, who practices law in New York, New Jersey, Connecticut and more, Ashlea writes:

New Jersey allows you to snag a farm break with just 5 acres of land “devoted to agricultural and/or horticultural use” (not including the immediate area around your residence) and $500 in annual farm sales—a threshold neighbors can meet by buying each other’s products. “Everybody talks about what their products are at cocktail parties,” reports John McManus, an estate lawyer in New Providence, N.J. Pumpkins, Christmas trees and alpaca wool are popular.

Check out “How To Farm For Love And Profit–And Save The Farm” for important information on conservation easements and farmland preservationists successes and struggles in Pennsylvania. You can also see beautiful photos of the lavender farm — used for a Lands’ End catalog shoot — featured in the piece for which John was interviewed  here.

And finally, another story from the Investment Guide that relays smart investment strategies that help both you and your family is “Become A Family VC: How To Capitalize On Your Kid’s Or Cousin’s Business.”

The 2012 Forbes Investment Guide is definitely worth the read.

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