Category Archives: Taxes
Three Kinds of Laws That May Influence Your Estate Plan
Most people are under the impression that they will not trigger the federal estate tax implications for their assets after they pass away. This is because these federal taxes are for extremely large estates. Bear in mind that those rules can change and that you may not be incorporating the full value of all… Read More »
Why You Need to Know About a Step Up in Basis for Estate Planning Purposes?
If you are considering the process of starting your estate planning or you are someone who will be inheriting assets in the future, you need to recognize how step up in basis could influence the value of those assets and your tax obligations. A step up in basis refers to federal tax laws that… Read More »
Grantor Trusts 101
There are many different terms used in the context of estate planning and especially in the construction of trusts. When you hear the term grantor trust, you may be curious about whether or not this fits in with your estate plan and what it means. A grantor trust states that the settler or the… Read More »
Do 529 Plan Gifts Get Federal Or State Gift Tax Benefits?
If you choose to establish a 529 savings plan for a beneficiary, you can also elect to set this up for as many beneficiaries as you want. These education saving plans are very popular as estate planning tools, and are very valuable for grandparents who wish to support their grandchildren’s future education. Although you… Read More »
Why Is Planning Ahead For Minimizing Taxes So Important In Retirement?
Taxes are one of the most certain things in life, but they often catch many retirees off guard. Planning now for potential tax consequences in the future will help not just you, but also when you establish your estate planning strategies for passing on assets to your loved one. Too many seniors enter their… Read More »
How To Use a Trust to Minimize Taxes
Taxes can have one of the most significant impacts on your intentions with estate plans. This is especially important as you contemplate incapacity issues. If you no longer are able to manage your financial assets, this brings important questions to the surface about who is responsible for those assets. Trust planning becomes crucial in… Read More »
Avoid These Estate Planning Mistakes Prior To The Biggest Wealth Transfer in History
One of the biggest wealth transfers that the United States has ever seen will take place in the coming 25 years. This is because it is anticipated that up to $68 trillion of wealth will be passed from current to future generations. This presents you a unique planning opportunity, but this requires those responsible… Read More »
Study Shows that Some of America’s Wealthiest People Are Ready to Transfer Their Assets
The tax overhaul from 2017 has prompted many people to rethink their overall estate and tax strategies. The coronavirus pandemic has also made it easier for some of America’s wealthiest families to pass on assets to their grandchildren and children tax free. Volatile markets and plunging interest rates have created a unique opportunity just… Read More »
List Of ‘Where Not To Die’ Updated For 2015
In the somewhat macabre Forbes magazine’s annual list of “where not to die in 2015,” some changes are noted over the recommendations for the current year. (Photo credit: Wikipedia) Since most people probably think there is no such thing as a good place to die at all, the focus for the publication’s ongoing series… Read More »
Those With Offshore Accounts Facing More Scrutiny
Honesty is the best policy, but the best way of being honest with the Internal Revenue Service when it comes to offshore accounts isn’t always easy to discern. Logo of Internal Revenue Service, USA (Photo credit: Wikipedia) A recent article in Forbes magazine focuses of Credit Suisse officials pleading guilty back in May to… Read More »