Estate Tax
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Few Changes for Estate Planning, IRAs in New Tax Law
The 2017 tax law doesn’t require many changes to your estate plan or IRA strategies. Though there are many changes proposed in Congress and in early versions of the law, few revisions affecting IRAs and the estate tax made it into the final version. A major change for IRA owners is the loss of the […]
Recent Changes in Estate Planning and Gift Tax Laws
Congress continues to debate whether or not to eliminate the estate tax, but other changes in the estate and gift tax law will take effect by January 1, 2018. The Treasury Department withdrew the controversial proposed regulations that would have eliminated or curtailed many of the strategies the wealthy use to reduce estate taxes. The […]
Should Estate Planning Ever Be Put On Hold Because of Potential Estate Tax Changes?
Tax reform proposals slowly are being developed in Congress, including changes in the estate tax. People are asking, “Should I delay my Estate Planning until the new law is clear?” We’ve been down this road before, and the answer is: You shouldn’t delay. Congress is looking at changing only the federal estate and gift taxes, […]
IRS Announces 2017 Estate, Income Tax Adjustments
The IRS announced the inflation-indexing of many tax provisions for 2017. The lifetime estate and gift tax exemption will increase to $5,490,000 from $5,450,000 for the estates of those who pass away in 2017. That gives married couples a potential joint exemption of $10,980,000. The annual gift tax exclusion remains at $14,000 in 2017, where […]
Estate Planning Estate Tax and Trust Tricks, Traps for Married Couples
Too many married couples are making a big mistake. They believe current estate tax law exempts them from having to plan or consider estate taxes in their plans. That misunderstanding could lead to problems. While the estate tax law enacted in early 2013 has many benefits, you need to know how to maximize them. Two […]
Why and How to Prove Your Legal Residence and Minimize Estate Taxes
Many states don’t like when people leave theri residence to live in other states. It’s nothing personal. The state governments need your tax dollars, and some states will do anything they can do retain as much of your taxes as they can. A state won’t stop you from physically leaving, but it will argue that […]
Popular Tax Exemption Strategy Upheld
The IRS recently lost a Tax Court case involving an estate and gift tax exemption strategy that the IRS and some in Washington have been trying to eliminate. The estate planning strategy is known as the Crummey trust, named after the taxpayer in the case that originally approved it. The recent case not only upheld […]
Estate Tax Tricks, Traps for Married Couples
Too many married couples are making a big mistake. They believe current estate tax law exempts them from having to plan or consider estate tax implications in their plans. That misunderstanding could lead to problems. While the estate tax law enacted in early 2013 has many benefits, you need to know how to maximize them. Two […]
