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Utilizing a 1031 Exchange to Avoid Capital Gains Taxes

Posted by Nina Whitehurst | Jan 20, 2023 | 0 Comments

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.

Is a Grantor Retained Annuity Trust Right For You?

Posted by Nina Whitehurst | Jan 18, 2023 | 0 Comments

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.

How Community Property Affects Estate and Tax Planning

Posted by Nina Whitehurst | Dec 07, 2022 | 0 Comments

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.

How Changes to Portability of the Estate Tax Exemption May Impact You

Posted by Nina Whitehurst | Aug 07, 2022 | 0 Comments

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.

Things to Remember at Tax Time

Posted by Nina Whitehurst | Mar 14, 2022 | 0 Comments

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.

Community Property, Separate Property and Estate Planning

Posted by Nina Whitehurst | Oct 19, 2019 | 1 Comment

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.

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