As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax....
Budgeting, Legal, Taxes / 10.09.2021
THE CURRENT STATE OF ESTATE PLANNING
Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to...
Budgeting, Inheritance, Legal, Taxes / 08.01.2021
TWICE AS NICE: THE TEMPORARY GIFT TAX BREAK
Wealthier individuals should bear in mind that the Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. This brief article provides specifics on the dollar amounts involved and explains why there’s no reason to fear a “clawback.”...
Budgeting, Legal, Taxes / 20.03.2020
THE 2019 GIFT TAX RETURN DEADLINE IS ALMOST HERE, TOO
Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns. What many forget is that the gift tax return deadline is on the very same date. This article explains the filing requirements and why some taxpayers...
Budgeting, Legal, Retirement, Taxes / 20.01.2020
EVERY BUSINESS OWNER NEEDS AN EXIT STRATEGY
Business owners must monitor the cash flow and tax positions of their companies, while also looking out for their own personal financial futures. This article looks at how to lay the foundation for a strong exit strategy using a buy-sell agreement and family-focused succession planning...
With the dawn of 2020 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2019 ends:...
Budgeting, Inheritance, Legal, Taxes / 28.01.2019
INSTALLMENT SALES: A VIABLE OPTION FOR TRANSFERRING ASSETS
Many people will eventually need to transfer ownership of real estate, a family business or some other asset expected to appreciate dramatically in the future. In such cases, an installment sale may be a viable option. This article explains under what circumstances this strategy should...
Inheritance, Legal, Taxes / 28.12.2018
AN INTRAFAMILY LOAN IS WORTH CAREFUL CONSIDERATION
Intrafamily loans can provide family members with financial support and encourage children to learn financial responsibility, all without diminishing one’s “nest egg.” But there are risks to consider. This article explains how an intrafamily loan should work and what to watch out for....
Every taxpayer with a high degree of wealth shouldn’t let estate tax liability or gift tax liability take their heirs by surprise. This article provides the latest info on estate and gift tax exclusions and exemptions, and explains how to help forecast one’s estate tax...
Budgeting, Legal, Taxes / 30.07.2018
DON’T LET THE KIDDIE TAX PLAY COSTLY GAMES WITH YOU
It’s not uncommon for parents, grandparents and others to make gifts to minors and college students. When considering this idea, taxpayers must beware of the kiddie tax. This tax trap could leave them liable for a substantial amount of tax dollars that they may never...