Last week, I provided a very brief overview of the gift tax in a vlog. You can view the vlog here. In this blog post, I’ll expand on basic gift tax concepts, just in time to make your holiday gifts.
What is the gift...more
As the holiday season approaches, Attorney Shanna Yonke shares insight regarding a topic at the top of client’s mind – what amount can be gifted without tax consequences? While the state of Wisconsin does not impose a gift...more
In the United States Congress, there is an arduous journey before a bill becomes law. See the classic School House Rock! video, “I’m Just a Bill.” But there is a common theme running through some gift and estate tax bills...more
Earlier this month, I provided a very brief overview of the estate tax in a vlog. In this blog post, I’ll expand on estate tax basics.
What is the estate tax? At its foundation, the estate tax is a tax imposed on the...more
Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more
7/31/2020
/ Asset Valuations ,
Closely Held Businesses ,
Coronavirus/COVID-19 ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Individual Retirement Account (IRA) ,
Irrevocable Trusts ,
Tax Exemptions ,
Trusts
As Shanna Yonke mentioned in her January 22, 2018 Legal Update The New Tax Law Provides Estate Planning Opportunities, President Trump signed the Tax Cuts and Jobs Act into law on December 22, 2017. The Act (officially,...more
2/15/2018
/ 529 Plans ,
Alternative Minimum Tax ,
Corporate Taxes ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
New Legislation ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates ,
Trump Administration
Shortly before Christmas, Congress approved and President Trump signed into law the Tax Cut and Jobs Act. The new law increases the federal estate, gift, and generation-skipping transfer tax exemptions from $5 million to $10...more
1/29/2018
/ Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Trump Administration