Where you die matters. While you’ll pay the same federal estate tax no matter where you die, 1/3 of the states have a separate estate or inheritance tax. The most populous state, California, is the latest state to consider adding a state estate tax. Read on to learn more. When and Where You Die Matters … [Read more...]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. Grantor Trusts Provide Flexibility and Ease … [Read more...]
Planning for Lottery Winners, Part 1 of 2
A lucky winner recently won $320 million in the lottery. This article looks at an example of a prior winner’s mistakes. The next article in the series will examine strategies for lottery winners. Planning for Lottery Winners, Part 1 of 2 … [Read more...]
Treasury Releases New Inflation Adjustment
The new tax law doubled the estate tax exclusion through 2025. This article looks at the exact amount of the new exclusion (it’s not what you thought) and how it might be useful. The article also examines why there’s no reason not to take advantage of the newly-doubled exclusion. Treasury Releases New Inflation Adjustment … [Read more...]
Giving Tax-Free Gifts
It can seem like a platitude to talk about the "joy of giving," and words can never adequately express feelings. But you do experience a palpable sense of complete satisfaction when you give someone that you love just the right gift at just the right time. Passing along your assets to your heirs after you die is an act of giving, but for the recipients, the occasion is not a happy one. Estate planning attorneys will espouse the tax advantages that go along with gift giving while you are still … [Read more...]
