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Vicknair Law Firm

How to Prepare for Higher Taxes

How to Prepare for Higher Taxes

President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?

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How are Charitable Contributions Used to Reduce Estate Taxes?

Charitable Contributions to Reduce Taxes

Increasing tax changes for the wealthy are coming, and motivation to find ways to protect the wealth is getting increased attention, according to a recent article from CNBC entitled “Here’s how to reduce exposure to tax increases with charitable contributions.” Charitable remainder trusts (CRTs) and Donor Advised Funds (DAFs) are options for people who are…

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Do I Have to Pay Deceased Loved One’s Taxes?

Do I Have to Pay Deceased Loved One’s Taxes?

When someone passes away, their tax headaches don’t die with them. In fact, those obligations can further complicate the lives of survivors: Federal estate taxes may be due and state inheritance taxes could also come into play.

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