Estate Property Valuation and Tax Consequences
The Role of Taxes and Appraisals in Making GiftsLast month, we discussed the role of an executor: the court-appointed person responsible for managing the administration of a deceased [...]
If You Don’t Want an IRA Distribution, You Can Donate It to Charity
Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax [...]
How Community Property Affects Estate and Tax Planning
In most states, spouses can purchase and own property separately from one another. I’d like to think that when I buy a bag of Zapp’s Crawtators that they belong to me and only me, even if I bring [...]
In Estate Planning Awareness, General Estate Planning, Probate/Succession, Tax Planning, Trusts, Will
Posted Why Small Business Owners Need an Estate Plan
If you run a small business, you know that it can keep you up at night. Staffing, bookkeeping, inventory, customer relations and so much more are all things that may have your mind racing at a [...]
The Tax Consequences of Selling a House After the Death of a Spouse
If your spouse dies, you may have to decide whether or when to sell your house. There are some tax considerations that go into that decision. The biggest concern when selling property is capital [...]
Annual Gift Tax and Estate Tax Exclusions Are Increasing in 2022
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more [...]
A Way to Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) [...]
Using a Minority Valuation Discount to Reduce Estate Taxes
While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and [...]
Are There Special Tax Rules for a Gift or Inheritance from a Foreign National?
If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, [...]
Social Security Shortfalls Are Predicted to Begin a Year Earlier Due to the Pandemic
Social Security trust fund will be depleted in 2033 — one year earlier than the previous estimates. Once the fund is depleted, Social Security benefits will be reduced unless Congress acts [...]