Petrocelli Blog

Charitable Lead Trust

Posted by Petrocelli Financial at 2:55pm on July 17, 2019

A Charitable Lead Trust (CLT) can be an attractive tool for making gifts to family members with little or no transfer tax. The grantor designates a charitable beneficiary to receive annual payments for a period of time, with the remainder interest either reverting back to the grantor or passing to other non-charitable beneficiaries, such as the grantor’s heirs or a trust for their benefit. A grantor can establish a CLT during life or by a Will. Transfers to a CLT may provide income, gift, or estate tax benefits.

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Taxation of Entities

Posted by Petrocelli Financial at 1:40pm on June 16, 2018

Certain tax issues arise when distributing assets, including cash from a business. The type of entity the business is organized as largely determines what the tax consequences will be. C corporations, S corporations, partnerships, and sole proprietorships each have certain business advantages and disadvantages and are taxed differently. A limited liability company (LLC) can elect whether it will be taxed as a C corporation, S corporation, partnership, or, if it has only one member, a sole proprietorship. A sole proprietorship is disregarded as an entity for tax purposes, and all property of the business is owned by the sole proprietor.

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Using the 1040 to Find Planning Opportunities

Posted by Petrocelli Financial at 7:05am on May 21, 2018

Pre-retirement. For most taxpayers, the best way to reduce current income is to establish and fund a qualified retirement plan or IRA. After deductible retirement plan contributions have been maximized, the next best thing from an investment standpoint is to find ways to defer investment income. Roth contributions may be appropriate where a current tax deduction is not as important as future tax-free income.

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Tax-Advantaged Education Funding

Posted by Petrocelli Financial at 10:45am on July 19, 2018

Saving for college education can be an intimidating undertaking for many parents who may be inexperienced with tax laws, and unsure how to balance their own financial goals, such as saving for retirement and the financial needs of their children. There are many options available to finance a child’s education, and which one or more options to choose requires consideration of many important factors.

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Sales Strategies: Bob Petrocelli, New York Life Insurance Company

Posted by Petrocelli Financial at 3:55pm on April 6, 2017

Veteran insurance broker Bob Petrocelli built his business the old-fashioned way: He earned it, one cold call at a time. Upon joining New York Life as a 24-year-old newbie in 1979, Petrocelli picked up the phonebook and started dialing—or dropping in on—any business that seemed successful. “I would walk right in and ask to speak to the owner,” recalls Petrocelli, who grew up in Larchmont and now lives in Rye. “It wasn’t easy, but I was doggedly determined.”

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