Category: Estate Tax

  • Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

    Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

    As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted…

  • Family Businesses Need Succession Plans, Too

    Family Businesses Need Succession Plans, Too

    Those who run family-owned businesses often underestimate the need for a succession plan. After all, they say, we’re a family business — there will always be a family member here to keep the company going and no one will stand in the way. Not necessarily. In one all-too-common scenario, two of the owner’s children inherit…

  • Consider All Tax Consequences Before Making Gifts to Loved Ones

    Consider All Tax Consequences Before Making Gifts to Loved Ones

    Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. Multiple…

  • The Tax Impact of the TCJA on Estate Planning

    The Tax Impact of the TCJA on Estate Planning

    The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for…