Learn how the “step-up in basis” rule can help heirs avoid capital gains tax when they inherit certain assets.
estate planning
Your Weekly Read
What the new tax law could mean for you
President Trump signed the One, Big, Beautiful Bill Act into law on July 4. Favorable changes may affect you and your family.
What individuals should know about The One, Big, Beautiful Bill
Curious how The One, Big, Beautiful Bill could affect taxes for you and your family? Here are seven key tax breaks in the bill
Family business focus: Addressing estate and succession planning
Prudently planning the future of your company may call for weaving together estate planning and succession planning.
The 2024 gift tax return deadline is coming up soon
The April 15 tax filing deadline is coming up soon. Find out if you must file a 2024 gift tax return and why you may want to file one anyway.
What might be ahead due to expiring tax provisions?
What’s on the tax horizon as many Tax Cuts and Jobs Act provisions get closer to their scheduled expiration date? Here are four possible scenarios.
If your business has co-owners, you probably need a buy-sell agreement
For most business co-owners, the value of their business shares comprises a big percentage of their estates. Having a buy-sell agreement protects co-owners and their heirs and helps avoid hassles with the IRS.
When do valuable gifts to charity require an appraisal?
If you donate valuable assets to charity and don’t follow certain requirements, the charitable tax deduction may be denied. Here are some answers to questions about how to protect your deductions.
Valuations can help business owners plan for the future
Most business owners know that a valuation will be necessary if they decide to sell their companies. But there are other reasons to consider engaging a qualified appraiser.
Plan now for year-end gifts with the gift tax annual exclusion
The estate and gift tax exemption amount is scheduled to be cut drastically in 2026 when the related Tax Cuts and Jobs Act provisions expire (unless Congress acts to extend them). Making tax-free gifts before then can cut the size of your taxable estate and may be one way to address this potential threat.
A health care power of attorney is an essential element of any estate plan
What happens if illness, injury, or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care or financial affairs? Unless your estate plan addresses these situations, your family may be forced to seek a...
Making lifetime gifts continues to be a smart estate planning strategy
With the federal gift and estate tax exemption now at a record high $11.58 million for 2020, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benefits — even if your estate isn’t taxable under the current rules. Let’s...
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