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Vicknair Law Firm

What Is the Proposed IRS Anti-Clawback Provision?

What Is the Proposed IRS Anti-Clawback Provision?

The Treasury Department is on the cusp of changing a taxpayer-friendly regulation regarding federal estate taxes, but there’s no need to panic. As long as taxpayers can show that their gifts are truly gifts, they should not be affected by the revision.

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What Is Federal Estate Tax Exemption?

What Is Federal Estate Tax Exemption?

The federal estate tax exemption and gift exemption is presently $12.06 million. A married couple can transfer $24.12 million to their children or loved ones free of tax with proper planning. The exemption is tied to inflation, so it will continue to rise.

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What Assets are Not Considered Part of an Estate?

What Assets are Not Considered Part of an Estate?

In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.

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How Does a Trust Fund Work?

How Does a Trust Fund Work?

Trust funds are an important estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.

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What are the Current Gift Tax Limits?

What are the Current Gift Tax Limits?

In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.

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