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When it comes to filing your 2022 federal tax return for the 2023 tax season, you may be able to access several forms of assistance for free.

If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you. Because these exchanges allow you to defer taxes or limit taxes owed at the time of a sale, you can use the money that would have been spent on taxes to increase your real estate portfolio, rental income, and personal wealth.

A Grantor Retained Annuity Trust (GRAT) ­is a mechanism by which wealthier individuals and couples can transfer appreciating assets to their heirs and minimize gift or estate taxes. High-net-worth individuals and couples can use GRATs to freeze the value of their estates and transfer any increase in the value of their assets to their heirs, with minimal tax consequences.

Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases.

In most states, spouses can purchase and own property separately from one another. However, in certain states – called community property states – if one spouse purchases property, it is considered the property of both spouses. How marital property is owned has implications for both estate and tax planning.

An intentionally defective grantor trust (IDGT) is a common estate planning tool that is used by wealthy families to transfer assets from one generation to the next while achieving significant tax savings. IDGTs are especially useful if you have assets that will appreciate significantly over time.

A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation.

Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction. 

On July 8, 2022, the Internal Revenue Service issued new guidance that allows a deceased person’s estate to elect “portability” of their unused gift and estate tax exemption for up to five years after their death. So, if your spouse passed away less than five years ago, you may be able to file an estate tax return to transfer their unused estate tax exclusion to yourself.

Tax day, which is Tuesday, April 19 in 2022, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to.

If you are married, a good estate planning attorney will ask you during the information gathering process whether you have ever lived in a community property state. This is because community property retains its character as such when a couple moves to a state with different marital property laws. Your estate planning attorney needs to know this because it can have an impact on what is included in your estate when you die and to what extent the property received a step up in basis when you die.

Raising a grandchild can be tough financially, but grandparents should be aware that there is a tax credit available that could help them. Working grandparents who are supporting their grandchildren may qualify for the earned income tax credit, which could reduce the amount they pay in taxes ...