Now that fewer people are subject to federal gift taxes, because of a generous $11.58 million lifetime gift tax exemption for 2020, a question many are asking is: “Do I need to file a gift tax return?” The short answer is...more
It’s one thing to earn enough to live a comfortable lifestyle. It’s yet another to develop a plan for protecting one’s assets so that there’s more for heirs after death. If one has been fortunate enough to achieve the former,...more
The Tax Cuts and Jobs Act (TCJA) will have a significant impact on estate planning and related aspects, such as charitable giving. Even though the TCJA reduces tax incentives for making charitable donations for some people,...more
7/31/2018
/ Charitable Donations ,
Charitable Remainder Trust ,
Charitable Rollover ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Gifts ,
Securities ,
Standard Deduction ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Incentives
One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ? the reason being to pass as much wealth to family members as possible....more
4/3/2018
/ Asset Protection ,
Creditors ,
Estate Planning ,
Family Limited Liability Companies ,
Family Limited Partnerships ,
Fraudulent Transfers ,
Gifts ,
Individual Retirement Account (IRA) ,
Liability Insurance ,
Retirement Plan ,
Risk Assessment ,
Trusts
Even though reforms being debated by Congress could repeal the federal estate tax with certain modifications, state estate taxes might still siphon off hundreds of thousands of dollars regardless of what happens under federal...more
Those who make sizable gifts to charitable causes can realize personal rewards from their generosity and claim a deduction on their tax returns. One drawback is that, once the money or assets are contributed, they generally...more
Typically, an estate plan includes accommodations for one’s spouse, children, grandchildren and even future generations. But some members of the family can be overlooked, such as parents or in-laws. This article offers a...more
Have you addressed elderly parents in your estate plan?
Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But some members of the family can be...more
Asset protection trusts can be highly effective vehicles for protecting wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset...more
When interest rates are low, it’s high time for estate planning -
Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to...more
Lifetime giving is a smart strategy to reduce a taxable estate, but the gift tax rate of 40% is steep. If one has used up his or her $5.43 million gift and estate tax exemption and would like to potentially reduce his or her...more
In This Issue:
- Premarital planning: Protecting your assets without a prenup
- The ABLE account: A good alternative to a special needs trust?
- Make net gifts to reduce your gift tax rate
- Estate Planning...more
Because the gift and estate tax exemption is at a record high of $5.43 million for 2015, many people have shifted their focus from estate planning to income tax planning. An understanding of basis — and the benefits of the...more