Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more
11/24/2020
/ Asset Protection ,
Beneficiaries ,
Divorce ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
Irrevocable Trusts ,
Spousal Lifetime Access Trust (SLAT) ,
Step-Up Basis ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Trust Funds ,
Trustees
During COVID, many of us are balancing working remotely while caring for our children. This autumn, most of our children are returning to part-time or all remote school. We are using our residences as a home, office, and...more
10/13/2020
/ Capital Contributions ,
Coronavirus/COVID-19 ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Family Limited Partnerships ,
Family Members ,
Homeowners ,
Mortgages ,
Partnership Agreements ,
Property Owners ,
Revocable Trusts ,
Tax Planning ,
Trustees ,
Trusts
The Paycheck Protection Program money is spent, the temporary $600 weekly unemployment supplement is over, and we still need money. We could draw on our savings, sell investments, or take out a loan against our home. Usually,...more
9/25/2020
/ 401k ,
CARES Act ,
Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loans ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Retirement Plan Providers ,
Tax Planning ,
Tax Rates ,
Tax Relief ,
Tax Returns
At this time, unless Congress acts, the current lifetime estate tax exemption amount of $11,580,000 is set to sunset in 2025, which means that in 2026 it will revert to $5,000,000 per person, adjusted for inflation. Many...more
8/12/2020
/ AFR ,
Estate Planning ,
Estate-Tax Exemption ,
Financial Planning ,
Gifts ,
Insurance Industry ,
Interest Rates ,
Investment Adviser ,
Investment Management ,
Investors ,
Irrevocable Life Insurance Trusts ,
IRS ,
Life Insurance ,
Loans ,
Promissory Notes ,
Tax Planning ,
Wealth Management
Down markets are a prime opportunity for tax planning for high net worth families. In the few years following the 2008 recession, wealthy families took advantage of gifting options to transfer wealth and reduce taxes. Once...more