It is becoming increasingly commonplace for people to enter long-term romantic relationships without legally marrying. While there are no exact statistics on how many Americans fall into this growing category, a 2019 Pew...more
The requirements outlined in the tax code can significantly impact an individual’s gift and estate planning, and navigating these requirements effectively is crucial. In this blog post, we will delve into gift and estate tax...more
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
The upcoming federal elections are a reminder that estate plans should be reviewed frequently to make sure the plan carries out your wishes in a tax-efficient manner. You may want to revise your plan depending upon the...more
If a person is in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Tax law provides that the income tax basis of property received from a deceased person...more
On July 31, 2015, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 introduced new tax law that affects executors who are required to file a federal estate tax return and beneficiaries...more
Generally, the first criterion for determining whether an individual is subject to probate or to estate or inheritance tax in a state is the individual’s domicile at the time of his or her death. In an increasingly...more