Thanks to a generous federal gift and estate tax exemption amount ($13.61 million for 2024), only the wealthiest of families are exposed to estate tax liability. For many, this means that estate planning now has a stronger...more
If you own your principal residence, you may be able to benefit from its build-up in equity, realize current tax breaks and pocket a sizeable tax-exempt gain when you sell it. What’s more, from an estate planning perspective,...more
10/6/2023
/ Beneficiaries ,
Equity ,
Estate Tax ,
Fair Market Value ,
Gift Tax ,
Income Taxes ,
Irrevocable Trusts ,
IRS ,
Qualified Personal Residence Trust ,
Tax Exemptions ,
Tax Incentives ,
Trustees
You likely don’t need to be reminded about filing your federal income tax return on time. Indeed, the tax filing deadline date of April 15 (or the next business day if the due date falls on a weekend or holiday) is probably...more
Despite its unusual sounding name, a QDRO isn’t an alien from a science fiction movie or a geometric equation. In fact, QDRO stands for “qualified domestic relations order.” If you’re in the process of a divorce, a QDRO may...more
Are you thinking about moving abroad after you retire? If so, don’t forget to consider your destination country’s estate tax laws. ...more
After your retirement, or if you’re retiring soon, you may be more inclined to make donations to charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions....more
When you first dipped your toes into estate planning, you were probably told to start with a legally valid will, above everything else. Check. Next, you may have been advised to create an estate plan that incorporates your...more
The need for estate planning is essential for small business owners who have most of their personal fortune tied up in the operation. This is compounded by the looming reduction of the federal gift and estate tax exemption...more
A critical estate planning decision is whether to transfer wealth during your lifetime or keep your assets in your estate and transfer your wealth to loved ones after your death. Some say it would be wise to make gifts now to...more
Providing for the educational needs of your children, grandchildren and even future generations is an honorable estate planning objective. What are your options for achieving this goal? A 529 plan can be a highly effective...more
The annual gift tax exclusion is a powerful tool in the estate planning toolbox. When using your annual exclusion, you don’t owe any gift tax on amounts transferred to another person up to a specified limit. The limit is...more
Consider the estate tax planning implications before relocating -
Suppose you’re contemplating a bold move — literally: pulling up stakes and moving to a foreign country. There are many possible reasons for this drastic...more
Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate...more
A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more
12/7/2020
/ Alternative Minimum Tax ,
Charitable Donations ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Itemized Deductions ,
Qualified Charitable Distributions ,
Required Minimum Distributions ,
SECURE Act ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions
Roth IRAs offer significant financial and estate planning benefits. If a person has a substantial balance in a traditional IRA and is considering converting it to a Roth IRA, there may be no better time than now. This article...more
Trusts come in all shapes and sizes. However, from an income tax perspective, there are basically two types: grantor trusts and nongrantor trusts. An intentionally defective grantor trust (IDGT) has the best attributes of...more
We are pleased to present the Year End 2019 issue of Insight on Estate Planning We encourage you to read through it for ideas about ways you can minimize taxes on your estate and maximize its value for your loved ones.
In...more
12/4/2019
/ Estate Planning ,
Grantor Trusts ,
Income Taxes ,
Nongrantor Trusts ,
Pets ,
Roth Conversions ,
Roth IRA ,
Tax Cuts and Jobs Act ,
Trusts ,
Year-End Planning ,
Year-End Tax Planning
One of the outcomes of the Tax Cuts and Jobs Act is that children with unearned income may find themselves in a higher tax bracket than their parents. Under the “kiddie tax,” as it’s sometimes referred to, a child’s unearned...more
Do you know the differences in estate tax law for couples when both spouses are U.S. citizens vs. when one spouse is a non-U.S. citizen? Or what nonlegal document should accompany a will?
We are pleased to present the...more
10/1/2019
/ Adult Children ,
Dependents ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Letter of Instructions ,
Life Insurance ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Transfer of Assets ,
Trusts ,
Wills
Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for...more
It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more
2/8/2018
/ Commercial Insurance Policies ,
Death Certificates ,
DMV ,
Estate Planning ,
Estate Tax ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Inheritance Tax ,
Investment Funds ,
Notification Requirements ,
Retirement Plan ,
Social Security Administration (SSA) ,
Surviving Spouse
As the end of the year approaches, many may begin thinking about making gifts to qualified charitable organizations as a way to reduce potential estate and income tax liability while supporting a worthy cause. This brief...more
What’s worse than being taxed on income received? Having to pay tax on income never actually collected. That can happen if a family member borrows money from another loved one (an intrafamily loan) on an interest-free basis....more
Trusts typically are a main component of an estate plan. But many may not know how higher taxes can impact a trust’s overall effectiveness. This article explains how the current tax environment affects trust planning....more
A common estate planning mistake that many people make is to own property jointly with a child or other family member. True, adding a loved one to the title of your home, bank account or other property can be a simple...more