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Showing 9 posts tagged estate tax.
Put Portability in Your Plan – Changing Gift Tax Exemption Regulations for Spouses
Personal estate plans that reflect yours and your loved ones’ needs can help ease financial burdens for them in the future. New guidance from the IRS takes both yours and your spouse’s estate tax exemptions into consideration, allowing for the option to elect “portability” of your exemptions in certain cases. This opportunity can help to alleviate financial stress for those who have unfortunately lost a spouse, but its implementation is time sensitive, so it’s important to know how and when to act. More >
Give Now, Save Later – Capturing Current Estate and Gift Tax Exemptions
Many people think of an estate plan as a way for their assets to be distributed in the future, after their deaths. However, in some situations, it may be more advantageous to make at least some of those planned gifts now—and help your loved ones avoid some of the financial burden of estate taxes. Especially for individuals with high net worth, taxes could become much greater when the currently increased lifetime exemption amount “sunsets” on January 1, 2026. More >
Estate Planning Taxes: No Change…for Now
Last year, with a new administration in Washington, several changes to estate planning tax laws were proposed in Congress that would have significantly impacted the estate plans of high-net-worth individuals. While none of these proposed changes came to pass as initially proposed, those same proposals could be brought to the table again in 2022. Below, we provide you with an overview of what hasn’t changed—yet. More >
Don’t Misplace Your Trust – Proposed Tax Law Overhaul Targets Grantor Trusts, IRAs, and Other Financial Planning Tools
It’s been clear from the start that the new administration in Washington has its sights set on overhauling the tax code. However, the outline of proposed tax legislation unveiled on September 13 by the House Ways and Means Committee has made those changes all the more likely. Among those affected by the proposals would be high-net-worth and high-income individuals attempting to save for retirement or plan their estates. Here, we give you the rundown on the changes you should be aware of and how they could affect you. More >
Don’t Delay—Proposed Changes to Estate Tax Law Aim to Eliminate Step-Up in Basis
If you’ve been waiting for the “right time” to start planning your estate, don’t wait any longer—the right time may be in the rearview before you know it. With a new administration in the White House, tax reform is on the agenda in Washington, and the proposed changes would have a major effect on many estates, especially for high-net-worth individuals. More >
An Estate Planning Tool You Can Trust: Spousal Lifetime Access Trusts (SLATs)
With estate and gift tax exemptions at a historical, all-time high (over $11.5 million per person), it’s the perfect opportunity for married couples to take advantage of a unique estate planning tool: the Spousal Lifetime Access Trust, or SLAT. Before the current exemption is cut in half on January 1, 2026, we recommend that spouses explore the benefits of establishing a SLAT – not just for the benefit of one another, but for children and grandchildren – in order to reap the most from current tax protections. More >
Five Things You Must Do to Maximize 2020 Giving and Minimize Tax Liability
It may seem hard to believe, but what has almost certainly been the longest year in human history is finally nearing an end. And while you might not want to add tax planning to your 2020 To-Do List, thinking strategically now may allow you to turn some of those leftover lemons into lemonade by minimizing your tax liability for the year. Don’t miss the following tips to get a jump on those returns. More >
Steps to Take After the Death of a Loved One
The loss of a loved one is an emotional and often overwhelming situation. The steps below provide a guide to handling the estate of the deceased individual. More >
Exemption Portability - What is it, and how does it work?
The term "portability" is used in many contexts, but in the estate planning context portability describes the way a surviving spouse can use the remainder of a deceased spouse's unused exclusion amount to further shield her or his estate from tax liability. Portability first came about in 2010 as a temporary concept in the Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010. It was set to expire on December 31, 2012, but Congress, in the American Taxpayer Relief Act of 2012, made portability a permanent part of the estate and gift tax exclusion. The current unified exemption for estate and gift taxes is $5.43 million (for the year 2015), so portability allows for a potentially very large tax break for a surviving spouse's estate. More >
