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.
Does your retirement budget account for all of these costs?
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.
Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.
Beyond not making a will at all, here are the biggest mistakes that estate planning attorneys see clients make.
It’s true that if your child is on your deed as the owner, your home will not have to go through probate. However, this is a poor tax and asset protection strategy.
Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Tax rules on individual retirement accounts (IRAs) are different for inherited IRAs. Some differences are positive.
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
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