State and federal estate and inheritance tax rates are what drive most people’s estate plans, but now that tax rates are falling and exemptions rising in many jurisdictions, how much people will leave their heirs isn’t what keeps them awake at night anymore. What they really worry about is how…
Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax basics. So, who's getting…
Moving to New York to avoid state death taxes? “When your bordering state is telling you, ‘Come on over!’ the pitch is compelling,” McManus says. “If New York has a more welcoming tax scheme, then people will say, ‘Let’s call me a New York resident.’” McManus says that he and…
Lee is a legendary figure in South Korea as the man who turned Samsung Electronics into a powerful conglomerate. He is also the country's richest man with an estimated net worth of US$11.4 billion. Under Korean inheritance law, an heir will have to pay 50 percent in tax when inheriting…
Income inequality and the estate tax continue to be hot button issues in American politics and culture. Americans have a wide array of opinions about these two linked topics. Comedian John Oliver recently gave his humorous thoughts on them. More and more Americans, especially younger Americans, want to be entertained…
Even with its funny name, a QPRT can save you hundreds of thousands of dollars in estate taxes after your death for your Houston family. Let's take a closer look at what the Clintons did and whether the same strategy could help you. While QPRTs are complicated trusts, the basics…
Over the past few years pieces have not been selling as well as expected or not selling at all. Often the amount they are appraised for, and thus the amount the IRS views them as valuing, is not close to the amount that they garner at auction. Have you ever…
What is the $5 million federal estate-tax exclusion, and how does it work? Now that "tax time" is over for many Americans, the subject of taxes may not come up as often. In fact, when it comes to the estate tax you may not think about it until you sit…
When it comes to estate planning, one of the primary goals is to transfer as much of a person's assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax. Giving your assets to your heirs is all about timing. When…