The inflation adjustments to various provisions of the tax code increase significantly in 2023 due partly to rising consumer prices and persistent inflation. It is important to consider these changes as you engage in estate planning and preparing for tax efficiency this year and in the years ahead. In some instances, you could find yourself […]
Not only is it true that death and taxes are the only certainties in life, but one’s death can come with significant tax liabilities. The key to minimizing these so-called “death taxes” is to put tax-efficient estate plans into place while you are alive. The term “death tax” refers to money the federal government and […]
After gathering the documents needed to file annual federal income tax returns, take a moment to review all of your financial accounts before filing those papers in a drawer. Most importantly, look at how those accounts are titled and who is named as beneficiaries and consider if that information matches your current life circumstances and […]
It is increasingly common for pet owners to make provisions in their wills to provide ongoing care of their furry companions in the event they pass away or become unable to do so on their own. Moreover, all U.S. states and the District of Columbia allow their residents to establish pet trusts and set aside […]
Looking back over the past two decades to the aftermath of the dot-com bubble and the subprime mortgage crisis, we are reminded that good times do not last forever. In each of these circumstances, we learned that the best way to protect yourself during a recession is to plan and prepare for a potential downturn […]
Trusts are essential to estate planning, regardless of your financial means. After all, you do not have to be a millionaire to protect your family members and plan for their continual care after you are gone. With a trust, you can help ensure that your wishes are followed, and your assets are transferred to heirs […]
Planning for retirement is often the last thing recent college graduates will think about upon entering the job market and earning a steady income. However, there is no minimum age for individuals to start thinking about saving for the future, whether it is for the purchase of a new car or home, to support a […]
The income you earn can come from various sources, including employment wages, business income, investment returns, and even the lottery, if you are so lucky. As you receive money, it is important to recognize what you are required to report to the IRS and the amounts that are subject to federal taxes (and sometimes state […]
People spend a significant amount of time building their wealth and carefully creating trusts and mapping out an estate plan to protect and preserve their assets for future generations. Yet, when it comes time to naming a trustee to carry out their wishes under the terms of a trust, many people stumble. Making the right […]
On March 28, the Biden administration unveiled its fiscal budget for 2023, indicating its plan to “cut costs for families, cut the deficit and expand the productive capacity of the economy.” Among the provisions included in the budget are higher tax rates for corporations and individuals, including a new minimum tax on billionaires. Whether these […]