The year 2017, when the Tax Cuts and Jobs Act was signed into law, seems like a long time ago. As you may be aware, many of the tax provisions of that law are set to expire in a relatively short amount of time — on January 1,...more
When creating your estate plan, there’s a certain amount of prognosticating involved. What will your financial picture look like in years to come? How will estate tax laws change?...more
When it comes to estate planning, consider taking a page out of the Boy Scouts Handbook: Be prepared. The last thing you want is for your family to be scrambling to pick up the pieces after your death. Of course, you’ll need...more
12/19/2023
/ Advance Health Care Directive ,
Do Not Resuscitate (DNR) ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Executors ,
Financial Power of Attorney ,
Gift Tax ,
Gift-Tax Exemption ,
Living Will ,
Power of Attorney
Under current estate tax law, taxpayers benefit from the most generous gift and estate tax regime in history. Indeed, in 2023, an individual can shield assets worth up to $12.92 million from federal gift and estate tax....more
Does your estate plan call for making gifts to your grandchildren or other loved ones more than one generation below you? Or, perhaps to nonrelatives more than 37½ years younger than you?...more
The annual gift tax exclusion amount has increased for the second straight year. The IRS raised the exclusion amount for 2023 to $17,000 per recipient, up from $16,000 per recipient in 2022. In the recent past, adjustments...more
Lifetime giving is a smart strategy to reduce your taxable estate. However, if you’ve exhausted your $12.06 million federal gift and estate tax exemption, your gifts may be fully taxable at the 40% rate. In this case,...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
Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substantial amounts of assets to...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
Whether you made intrafamily loans years ago or perhaps this year in response to a loved one’s financial troubles due to the COVID-19 pandemic, consider forgiving those loans. Why? A record-high gift and estate tax exemption...more
For years, you may have viewed estate taxes as the main threat to your family fortune, especially if you own a successful business or valuable real estate. But with the federal gift and tax exemption set at $11.58 million for...more
7/27/2020
/ Asset Protection ,
Creditors ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift-Tax Exemption ,
Homeowner's Insurance ,
Irrevocable Life Insurance Trusts ,
Liability Insurance ,
Life Insurance ,
Tax Planning ,
Tenancy by Entirety
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
Thanks to recent tax law changes, most families can avoid liability for federal estate and gift taxes. However, there’s a lesser-known tax whammy that can hit wealthy individuals without warning: the generation-skipping...more
If a married couple includes a non-U.S. citizen spouse, there are special estate planning rules to take into account, such as a significantly smaller estate tax exemption. This article explains the differences in estate tax...more
10/2/2019
/ Citizenship ,
Estate Planning ,
Estate-Tax Exemption ,
Foreign Nationals ,
Gift-Tax Exemption ,
Marital Status ,
Preferential Transfers ,
Qualified Domestic Trust (QDOT) ,
Spouses ,
Tax Cuts and Jobs Act ,
Tax Deductions
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
The Tax Cuts and Jobs Act (TCJA) has reduced estate tax concerns for many families, but estate tax liability remains a concern for some. Notably, one may implement strategies in the wake of the TCJA that are designed to...more
Beginning in 2018, the Tax Cuts and Jobs Act (TCJA) effectively removed gift and estate tax liability concerns for many families. However, the favorable estate tax changes in the TCJA are currently scheduled to sunset after...more
When it comes to gifting strategies, there are many to choose from. One such option is to make direct payments of tuition and medical expenses. This brief article provides the specifics of how this strategy works....more
In This Issue:
- Don’t be afraid of probate
- Smart estate planning begins with protecting your assets
- Thinking long term: Don’t overlook long-term care planning
- ESTATE PLANNING PITFALL: You’re not making direct...more
12/3/2018
/ Asset Protection ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Gift Tax ,
Gift-Tax Exemption ,
Long-Term Care ,
Medical Expenses ,
Probate ,
Tuition ,
Year-End Planning ,
Year-End Tax Planning
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more
8/2/2018
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift-Tax Exemption ,
Individual Retirement Account (IRA) ,
Life Insurance ,
Retirement Plan ,
State Taxes ,
Tax Cuts and Jobs Act ,
Wills
Given the substantially increased combined gift and estate tax exemption amount established by the Tax Cuts and Jobs Act, now is the time to re-examine lifetime gift-giving strategies. This brief article explains why making...more
In This Issue:
- Tax Cuts and Jobs Act supercharges exemption portability
- Buy-sell agreements: When a smart business decision also makes estate planning sense
- Picking up stakes: Understand the tax and estate...more
After recent tax legislation, including the Tax Cuts and Jobs Act, few tax shelters are left standing. One key exception is life insurance. This brief article details that, if certain requirements are met, the buildup of...more
In This Issue:
- Sudden impact: When a spouse unexpectedly dies
- New tax law affects estate planning strategies
- All in the family: Transferring your vacation home
- Estate planning pitfall: You haven’t planned for...more
2/7/2018
/ 529 Plans ,
Death Certificates ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Gift-Tax Exemption ,
Long-Term Care ,
Real Estate Transfers ,
Surviving Spouse ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Vacation Homes