While there’s a time limit on this great opportunity for tax-free giving—2025, unless Congress makes some changes—this is a good time to take advantage of minimizing your tax liability through generosity. There’s a new big break for top-dollar wealth transfers, thanks to the new tax law. Basic rule: the more…
Single with a net worth less than $11.4 million in 2019? You’re in luck—you can die knowing that all of your money will pass free of any federal estate tax to your heirs. It was good news for the wealthy—the Tax Cuts and Jobs Act (TCJA) amped up the unified…
An end-of-year decision from the IRS about the new tax law and gifting has given people with generous spirits and hefty bank accounts reasons to be cheerful about gifting. Increases to basic estate and gift tax exemptions were welcome by many, when the new tax law details were unveiled. However,…
First, say thank you. Then, learn more about the rules about paying taxes on a financial gift. Couples whose families are generous enough to give them help towards buying their first home are often concerned with what, if any, tax liability may be created. Do they have to pay taxes…
Some states are cheaper to die in than others, that is, when it comes to death taxes. The average American doesn’t have to worry too much about paying a federal estate tax, as the current federal estate tax exemption is a generous $5.49 million for 2017 and twice that if…
With many tech companies, universities and businesses, North Carolina has become home to many resident aliens who contribute greatly to the state’s growth. Estate planning requires special knowledge of non-citizen tax rules. More than $1 billion in annual foreign direct investment gives North Carolina’s private sector employment a huge boost,…
TOM’S 8 TIPS FOR SUCCESSION PLANNING(1) © Realize that your Exit Strategy is not business as usual. Get knowledgeable guidance e.g. from financial/legal advisors (team approach). Start now. Be realistic about objectives: Is it first and goal to go or is it a goal line defense? Anticipate Buyer’s due diligence. Financial statements…
By law, every year the IRS must determine exemption limits for federal estate tax and the lifetime gift tax based on inflation. And every year, estate planning attorneys wait to hear the IRS' announcement of what the exemptions will be for the coming year. For 2015, the exemptions were set…
Most of us don’t want to just enjoy our retirement and have enough money for old age, but to leave something behind as well. But what's the best way to do that? Should you leave an inheritance, or give your money away while you're still around? Let’s take a look…
The law created a chance for wealthy families to move assets out of their estates and let their heirs benefit from any appreciation in value, said Lisa Featherngill, a managing director at Abbot Downing, a wealth-management unit of Wells Fargo & Co. According to official numbers recently released by the…