Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would Read more
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA) Read more
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision, because the total cost of state income taxes, local Read more
If your estate plan includes one or more trusts, review them in light of income taxes. For trusts, the income threshold for triggering top tax rates is $12,500 for 2017. These top rates Read more
It’s Christmas time. And while you may be doing your last minute shopping for that hard to shop for relative, you also need to be considering meeting your 2016 annual gift exclusion. Read more
If estate taxes are a concern and you’re looking for a way to benefit charity while transferring assets to loved ones, consider a charitable lead trust (CLT). But you may want Read more
You may think that your estate plan should include a will in order to handle the disposition of your assets. That’s true: if you die “intestate,” meaning without a will, some or all of your assets probably will be distributed according to state law.
If your 2015 tax liability is higher than you’d hoped and you’re ready to gift some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate.
When someone gives you cash or other valuable assets, do you owe income tax? No. The same is true if you receive an inheritance. The giver may owe gift tax and the Read more
Here’s a simplified way to project your exposure to estate taxes. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death.