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.
The IRS is weighing a change that could leave your heirs poorer than you might hope.
Trusts could be an incredibly powerful tool to help business owners protect their business and reach their wealth goals.
A Dynasty Trust is meant to accomplish many objectives, from estate and gift tax avoidance, asset protection, and family support through the generations. It is part of a complicated plan drafted by an estate and tax attorney.
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.
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.
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