by Bruce E. Bell | Dec 1, 2016 | Bruce E. Bell, Tax Corner
Question: I am approaching age 70 ½ and wish to postpone distributions from my company’s 401(k) plan or, alternatively, minimize my required distributions. What, if anything, can I do?Answer: Distributions of a participant’s qualified retirement...
by Bruce E. Bell | Oct 31, 2016 | Bruce E. Bell, Tax Corner
Question: I plan to give stock of my corporation to my child. Since my child is an adult, is there any reason I should not make an outright gift?Answer: One general principle of gifting is to not give away anything you might want back at some point...
by Bruce E. Bell | Oct 3, 2016 | Bruce E. Bell, Tax Corner
Question: I want to issue shares of stock of my corporation to a loyal employee but my accountant says it would be too expensive from a tax perspective. Can you explain? Answer: When a corporation issues shares of its stock to an employee for no...
by Bruce E. Bell | Aug 31, 2016 | Bruce E. Bell, Tax Corner
Question: Any suggestions for deferring taxes on the sale of my artwork which has greatly appreciated in value?Answer: Art collectors may face significant income tax liabilities...
by Bruce E. Bell | Aug 1, 2016 | Bruce E. Bell, Tax Corner
Question: I am the beneficiary of an Illinois irrevocable trust which holds assets for me. The existing trustee wishes to resign but I am uncomfortable with the named successor trustee. Is there an alternative to changing Trustees without going to...
