Death taxes are back in the news at the federal level as well as in Delaware and Minnesota.
Read More »IRS Announcement: Estate Tax Closing Letters Will Now Only Be Issued Upon Request
Due to the increased volume of federal estate tax return filings in order to make the “portability election,” the IRS has announced that estate tax closing letters will only be issued upon request by the taxpayer. This change in IRS policy started on June 1, 2015.
Read More »Paying for College . . . and accomplishing estate planning too
With higher education costs outpacing inflation by 5-6% per year, and the average cost of a four-year public school at nearly $20,000 per year (double that for private schools) it’s no surprise that many parents and grandparents are deeply concerned about how they will pay for higher education. Many of these clients are similarly concerned […]
Read More »These States Will Usher in Changes to Their Death Taxes in 2016
In 2015, there were still 20 U.S. jurisdictions that collect a death tax at the state level: Connecticut, Delaware, District of Columbia, Hawaii, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, and Washington. Even if you don’t live in one of these states, the state […]
Read More »What the Recently Released 2016 IRS Inflation Adjustments Mean for You
The Internal Revenue Service has released the official inflation adjustments that will affect 2016 federal reporting for estate taxes, gift taxes, generation-skipping transfer taxes, and estate and trust income taxes. These changes will affect the way your accountant and your attorney help you plan as 2015 comes to an end.
Read More »Your Mortgage and Your Estate
You probably hope to have your mortgage paid off long before you pass away. However, in your estate plan you should plan for what will happen if you die before your mortgage is paid off.
Read More »Leaving an Intellectual Inheritance
Most people who amass wealth do not do it so that their heirs can squander it. However, that is what happens in most cases. One way to help prevent this from happening to your wealth is to leave your family with an intellectual inheritance.
Read More »How Probate Can Get Expensive
There are many reasons to want to avoid probate for your estate. One of them is that probate can get very expensive. One doctor’s bill in a case in New Hampshire illustrates just how expensive. The story of Geraldine Webber’s estate has been followed closely on estate planning blogs.
Read More »It’s That Time of Year!
This is the time of year when certain money issues come more into focus, including those related to income-tax planning, charity scams and checking up on the financial health of family members. Tax planning isn’t shaping up as anything remarkable over the waning weeks of 2015. Congress hasn’t passed any blockbuster legislation affecting individuals this […]
Read More »Irrevocable Trusts May be the Answer to Tough Estate Planning Issues
The death of a loved one can create a lot of financial complexity. For families that have set up irrevocable trusts to facilitate the transfer of assets from one generation to another, the tax implications can be even more complicated. However, there are some basic rules that any heir should know if they get an […]
Read More »