Blog Articles and Resources

Vicknair Law Firm

What are the Current Gift Tax Limits?

What are the Current Gift Tax Limits?

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.

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Is a Bypass Trust Necessary?

Is a Bypass Trust Necessary?

The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago—as well as the scheduled 50% reduction in the size of the federal estate tax exemption four years from now—has resulted in a renewed interest in estate planning for IRA and 401(k) accounts owned by married couples.

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Can Estate Planning Reduce Taxes?

Can Estate Planning Reduce Taxes?

Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.

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What Women Need to Know About Finances After Divorce

What Women Need to Know About Finances After Divorce

The early part of the year is often referred to as “divorce season,” since it’s a popular time for couples to part ways. Regardless of when it happens, divorce is a significant time of change for women in many aspects, especially when it comes to their finances and money management.

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What Can a Trust Do for Me and My Family?

What Can a Trust Do for Me and My Family?

Trusts are often associated with the rich, but 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.

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