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Vicknair Law Firm

Pay Attention to Income Tax when Creating Estate Plans

Pay Attention to Income Tax when Creating Estate Plans

Avoidance of estate taxes is one consideration in estate planning, but the estate tax system only applies to the wealthy. The income tax, however, applies to EVERYONE, and improper income tax planning often creates unnecessarily large income tax liabilities for the heirs of middle income Americans.

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Is Now a Good Time for a Roth Conversion?

Is Now a Good Time for a Roth Conversion?

A Roth conversion involves liquidating assets in a tax-advantaged account like a traditional IRA or 401(k), paying taxes on the withdrawal, and then funding a Roth IRA. In the short run, investors will pay taxes (more on that below).

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How to Plan in a Time of Uncertainty

How to Plan in a Time of Uncertainty

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.

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What Is the Purpose of a Marital Deduction Trust?

What Is the Purpose of a Exemption Trust?

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.

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