Baker Newman Noyes Tax Principal Jean McDevitt recently joined MEREDA members for breakfast to present factors that must be taken into consideration for real estate owners when it comes to both income tax planning and estate tax planning. Read on to learn what these considerations are and how they don’t often go hand in hand.
By Andrew Smith, BNN Tax Principal
No one wants to pay tax, or certainly not any more than they absolutely have to pay! What many individuals don’t consider is that sometimes it’s better to pay taxes now to save even more taxes later or that what might make sense from an estate tax planning perspective may not make sense with regard to income taxes.