estate planning
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…
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One of the many lessons resulting from the COVID-19 pandemic and resulting economic downturn is that it’s imperative to build flexibility into your estate plan. Indeed, many people had been…
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The ongoing novel coronavirus (COVID-19) pandemic has taken a terrible toll on the economy. But the current low-interest-rate environment coupled with depressed asset values means that now may be a…
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If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market…
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Sec. 6166 may help ease the sting of estate taxes Assets such as an illiquid closely-held business can pose unique estate planning challenges. Indeed, even with the gift and estate…
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Virtual currency: Handle with care Recently, the IRS has been sending letters to taxpayers it believes owns virtual currency, such as Bitcoin, urging them to review past tax returns and,…
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The amount of flexibility you build into your estate plan will go a long way toward how successful, ultimately, it is at carrying out your wishes after you’re gone. Using…
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As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes…
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The Tax Cuts and Jobs Act doubled the generation-skipping transfer (GST) tax exemption to $10 million beginning last year. The exemption is adjusted annually for inflation. (For 2019, the exemption…
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The lines blur when a family business comes into play For many business owners, estate planning and succession planning go hand in hand. If you’re the owner of a closely…
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