Tag Archives: estate tax

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 […]

Today’s federal estate tax exemption is so generous that only a handful of ultra-high-net-worth families are subject to tax at a rate as high as 40 percent. This is set to change in 2026 when the amount taxpayers may exclude from estate tax is scheduled to be cut in half and reduced to approximately $6 […]

It is no secret that the U.S. tax code is complicated. For foreign persons, compliance with U.S. tax laws is particularly onerous, especially when considering that different rules apply for income and estate tax purposes, and neither depends on an individual’s immigration status. For income tax purposes, the U.S. presumes foreign persons to be nonresident […]

The IRS recently released the 2024 cost-of-living adjustments to various provisions of the tax code, which you will use to file your federal income tax return in 2025. Marginal Income Tax Rates The following rates apply to individuals’ income in 2024. 37 percent for individual, single taxpayers with incomes greater than $609,350 ($731,200 for married […]

Selling a company that you put your heart and soul into building can provide significant rewards, including financial security for the remainder of your lifetime and potentially your heirs. Nevertheless, achieving that aim and reaping the full potential of the proceeds from a business sale requires careful reviews of where your business currently fits within […]

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 […]

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 […]