by Bruce E. Bell | Jul 1, 2016 | Bruce E. Bell, Tax Corner
Question: Is there a way for my spouse and I to protect our joint securities portfolio from creditors? Answer: There are various available techniques for shielding personal assets from creditors. One commonly-used technique involves creating a limited liability...
by Bruce E. Bell | May 31, 2016 | Bruce E. Bell, Tax Corner
Question: I will be spending the winter months in my recently-purchased Florida home and residing the balance of the year in my Illinois residence. Can I claim Florida as my State of residence for tax and other purposes? Answer: The State of Florida is no doubt an...
by Bruce E. Bell | May 1, 2016 | Bruce E. Bell, Tax Corner
Question: Having reached age 70½ and begun my minimum required IRA distributions, I question the benefits of directly transferring my IRA funds to charitable organizations rather than making charitable contributions directly as I have done in the past. Answer:...
by Bruce E. Bell | Apr 1, 2016 | Bruce E. Bell, Tax Corner
Question: Can I utilize funds accumulated in my Health Savings Account for living expenses during my retirement years? Answer: Eligible individuals can make tax-deductible contributions to Health Savings Accounts (“HSAs”) which accumulate on a tax-deferred basis....
by Bruce E. Bell | Mar 1, 2016 | Bruce E. Bell, Tax Corner
Question: I am selling stock of my corporation and reinvesting a portion of the sale proceeds in the purchasing entity. Is there a way to avoid reporting taxable gain on the reinvested proceeds? Answer: You must first identify the type of entity which will be...
by Bruce E. Bell | Feb 1, 2016 | Bruce E. Bell, Tax Corner
Question: I am the trustee and beneficiary of my deceased mother’s trust and failed to take distributions from the trust during calendar year 2015. Will all of the trust’s income be taxed to the...
