Effective Jan. 1, 2025, the federal estate tax exemption increased to $13.99 million, or $27.98 million for married couples filing joint tax returns. This means that individual taxpayers can transfer up to $13.99 million in assets to their heirs (or up to $27.98 million for married couples filing jointly) during life or at death without […]
In 2019, the IRS reassured ultra-high-net-worth families that any gifts they make between 2018 and 2025 to remove assets from their taxable estates under the generous but temporary provisions of the Tax Cuts and Jobs Act (TCJA) would not lose those tax benefits when the estate-tax lifetime-exclusion reverts to its pre-TCJA level in 2026. The […]
Widows and widowers who missed the deadline to claim a deceased spouse’s unused estate and lifetime gift tax exemptions as their own have up to five years to make this portability election and shield more of their wealth from future tax liabilities. Understanding Portability U.S. tax laws provide individuals with a federal lifetime gift and […]
Ultra-high-net-worth individuals with estates valued above the $13.99 million estate-tax lifetime-exclusion amount in 2025 (or $27.98 million for married couples filing joint tax returns) have several opportunities to reduce their estate tax liabilities at death while preserving wealth for future generations while they are alive. Give Multiple Gifts During Life. Making annual exclusion gifts enables […]
Growing a family, buying a home and retiring from your professional career are exciting life events that people talk about but few plan for. If you put off planning for these happy occasions, imagine how little time you devote to preparing for life’s unfortunate realities, such as losing a job, becoming disabled or passing away, […]
Caring for a family member with a physical, intellectual or emotional disability can be costly. Everyday expenses can include food and shelter, specialized medications, assistive devices, special education, transportation, at-home nursing care, and much more. Over time, these expenses will almost certainly increase. Families must engage in advanced planning to ensure that a loved one […]
If you received a year-end bonus, congratulations! As gratifying as it may be to splurge on something you can enjoy immediately, you may want to take a few moments to consider how you can maximize those dollars for the long term. Following are seven smart money moves to help you use a windfall of money […]
With 2025 well underway, certain calendar-year trusts and estates still have a small window of opportunity to reduce their 2024 income tax liabilities and those of the trusts’ beneficiaries provided they act before March 6, 2025. Under a special IRS rule, trustees have 65 days after the start of a new year to distribute trust […]
Asset diversification is an investment strategy designed to help investors minimize exposure to market volatility while attempting to maximize opportunities for high returns over the long term. While diversifying assets does not guarantee any investment objective will be met, spreading out investable dollars over a diverse mix of stocks, bonds, cash and other assets could […]
Leaving behind a lasting legacy and providing for surviving family members in the event of an individual’s death or disability takes time, patience and consideration of a broad range of non-financial issues. While there are times when an unequal division of property among heirs is preferable, consideration should be given how surviving family members will […]