Category: Estate Tax Planning
“Some states are great to live in, but not so great to die in.” If you are among the many Americans making a move because of economics, a recent article from MarketWatch titled “Thinking about moving to a state with lower taxes? These are the mistake to avoid” has the information you need about the […]
“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.” The pundits are saying that the if Democrats win the White House and possibly Congress, expect changes to income, gift generation skipping transfer and estate […]
“Simultaneously, T&E practitioners are well aware of the primary risk posed by a GRAT; namely, the mortality of a grantor during the GRAT’s term.” The 9th U.S. Circuit Court of Appeals addressed whether a Grantor Retained Annuity Trust, or GRAT, should be included as a taxable asset in an estate where the decedent died during […]
“When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.” This year, more families than usual are finding themselves grappling with the challenge of managing the affairs of a loved one who has died. Handling these tasks while mourning […]
“Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?” If this winter-like weather plus pandemic have left you wondering about how to get started on passing the family vacation home to the family or preparing to sell it in the future, you’ll need […]
“I am my late brother’s sole beneficiary on various investments held at different investment companies. I would like to divide the assets equally among three relatives.” This generous individual may be facing a number of legal and logistical hurdles, before assets in eight separate accounts can be passed to three relatives, says the article “Sorting […]
“Does your ability to pass on your wealth to your heirs depend on where you live … and die? Indeed, it does.” When the current health crisis finally passes, many people will have spent time considering what they want to do with their remaining years. That may include relocating. For some people, taxes are a […]
“The worldwide worry over coronavirus creates a glimmer of good news for at least one segment of the U.S. population: the top 0.1 percent.” A down market gives super-wealthy people the ability to use sophisticated strategies to help pass along billions of dollars to heirs, tax free, reports Accounting Today in the article “Heirs of […]
“There were only approximately 1,900 taxable estates in the U.S. in 2018, which is less than 0.1 percent of people who died that year.” The federal estate tax has been a small but steady source of federal revenue for nearly 100 years. The tax was first imposed on wealthy families in America in 1916. They […]
“Sometimes it can be wise (or just pleasurable) to give your assets away, while you’re still alive.” Traditionally, giving assets away while still living was done in an effort to minimize tax liability at death. However, with the federal tax exemption amount at $11.4 million and growing each year with inflation indexing, federal estate taxes […]
