Can I Use an IRA to Reduce Estate Taxes?
April 3, 2023
There’s a tax-smart way to make bequests by using assets from individual retirement accounts at death.
There’s a tax-smart way to make bequests by using assets from individual retirement accounts at death.
Understanding the different treatment of gifts by the IRS, Medicaid and VA systems can ensure that property passes as expected.
Succession and estate planning is difficult and time-consuming. However, it is also a key step for a business that can grow into the future.
Portability allows the predeceasing spouse’s unused estate tax exemption to be used at a later time for the estate of the surviving spouse. But for better estate tax planning results, large estates shouldn’t solely rely on portability to reduce their esate taxes.
The IRS issued a revenue procedure (Rev. Proc. 2022-32) Friday that allows estates to elect ‘portability’ of a deceased spousal unused exclusion (DSUE) amount as much as five years after the decedent’s date of death.
Pandemics, inflation, rising interest rates, war in the Ukraine—uncertain times indeed! And yet, in the world of estate planning, almost every change in the zeitgeist offers its own suite of planning opportunities and applicable techniques.
If you’re married, you may be wondering what happens to your assets once you or your spouse passes. The answer to that question depends on various factors, including whether or not you have a marital trust.
Upstream basis planning is a trust strategy that can save wealthy people on their capital gains taxes and income taxes associated with highly appreciated assets.
If you have valuable artwork, your decision on how to leave your artwork can generally be broken down into one of (or a combination of) three options, preferably with a view of keeping in mind the estate and income tax consequences of your plan during life and after death.
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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