How Do I Keep Money in the Family?
If you’re single and die in 2020, you can have up to $11.58 million in assets before your heirs have to worry about paying a penny in estate taxes.
October 26, 2020
What is a GRAT and Does Your Family Need One?
During this crazy 2020 tax year, in addition to being faced with all the issues surrounding Covid-19, as well as the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.
October 19, 2020
Make the Most of Exemptions in Gifting
Federal estate, gift and GST tax exemptions are currently at historic highs ($11.58 million per individual in 2020). These higher exemptions are scheduled to return to $5 million, adjusted for inflation, after December 31, 2025, but they could be reduced before then, as a result of political or policy changes.
October 15, 2020
Gifting Can Help Heirs Reach Goals
Despite many attempts at repeal over the years, the modern U.S. Estate Tax has been in place since September 8, 1916. Each U.S. citizen and resident alien is entitled to a lifetime exemption from the federal Gift/Estate Tax called the Applicable Exclusion Amount.
September 16, 2020
What Is a Qualified Personal Residence Trust?
When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.
September 1, 2020
Take Advantage of Tax Laws Now
If you like the way the laws are today, you need to take advantage of them now, before they are changed tomorrow. In other words, use it or lose it.
August 21, 2020
How Do I Protect an Inheritance from Taxes?
Did you receive an inheritance of cash, investments, or property? Here are four ways that can help you keep it from being swallowed up by taxes.
July 29, 2020
Creating a Family LLC for Estate Planning
Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial not just for small-business owners but is also a powerful tool for estate planning.
July 21, 2020
Intentionally Defective Grantor Trusts
This type of trust can be established to benefit your spouse, children, grandchildren and other descendants. However, it may be more appropriate in some situations than others. Getting to know the details of what an IDGT is and how it works can help you decide if it makes sense for you.
July 6, 2020
How a Charitable Remainder Trust Works
The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really have to worry about the cost of federal estate taxes.
June 30, 2020