Ben Franklin once said, ‘… nothing can be said to be certain, except death and taxes.’ For all certainties in life, the best thing you can do is plan for their eventual occurrence.
One of the most important decisions you’ll have to make when creating an estate plan is which estate planning law firm to work with.
An Intentionally Defective Grantor Trust (IDGT) is an advanced estate tax planning strategy that can be used to reduce, or in some cases eliminate, estate taxes.
These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.
One of the most overlooked and misunderstood tax laws – available to married farming couples – is an opportunity called portability.
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.
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.
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.
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.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
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