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.
Many people want to sell their marital home after the death of a spouse and “downsize” to a smaller home, such as a condo or rental. This article discusses the tax implications of that move.
Sometimes only taking the minimum IRA distribution can be a costly mistake. When deciding how much to withdraw this year, you need to consider the big picture. For some people, it makes sense to go big.
Most people don’t know the first thing about the Secure Act and yet it has great impact on their retirement planning.
Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
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.
While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
You may have heard the term “community property.” However, do you know exactly what it means or how it could affect you?
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