Posted by Nina Whitehurst | Sep 27, 2023 |
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, small businesses, estate tax rules, capital gains rules, special needs accounts, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers. So, are there ways to avoid potential tax impacts to you or your loved ones?
Posted by Nina Whitehurst | Dec 09, 2022 |
If you are a high-net-worth individual, it’s essential to have a comprehensive estate plan in place. However, every family’s circumstances are unique, and there is no one-size-fits-all solution for estate planning.
Posted by Nina Whitehurst | Mar 02, 2020 |
One option is to open an account for the benefit of the minor under the Uniform Transfer to Minors Act (UTMA) of the state. In some states it is called the Uniform Gift to Minors Act (UGMA).
Posted by Nina Whitehurst | Nov 06, 2019 |
The Internal Revenue Service announced today in Rev. Proc. 2019-44 the official estate and gift tax limits for 2020: $11.58 million per person (was $11.4 million in 2019). That means you can leave $11.58 million to heirs and pay no federal gift or estate tax. If you are married, the two of you can leave up to 23.16 million combined without incurring a federal gift or estate tax.
Posted by Nina Whitehurst | Sep 10, 2019 |
While the 2017 federal tax cut means most estates won't be subject to the federal estate tax in 2018 and 2019, state estate tax is a different matter. Some states are not going along with the increase in the federal estate tax exemption.
Posted by Nina Whitehurst | Jan 19, 2018 |
The new tax law (2018) has enough big changes that you need to review your estate plan to make sure that you are taking advantage of the best options in the new environment. One of the key changes for estate planning purposes, is that the estate tax exemption has been doubled.
Posted by Nina Whitehurst | Jan 13, 2018 |
Portability is actually a simple concept. It means that if one half of a married couple doesn't use up the entirety of the federal estate tax exemption at death, the surviving spouse can use this leftover portion, plus his or her own exemption.
Posted by Nina Whitehurst | Dec 09, 2017 |
The IRS has announced some important changes in tax adjustments and deduction limits based on inflation for 2017. They can make a difference for people planning their estates.