Tag Archives: Spousal Lifetime Access Trust

One of the basic principles behind proper estate planning is to help ensure that decedents’ hard-earned wealth passes to their heirs in the most tax-efficient manner, which often means minimizing exposure to federal estate and gift taxes. While there are a variety of trust vehicles and other strategies individuals may use to achieve this goal, […]

Under new guidance from the IRS, widows and widowers who missed the deadline to claim a deceased spouse’s unused estate and lifetime gift tax exemptions as their own may have up to five years to make this portability election and shield more of their wealth from future tax liabilities. Understanding Portability In 2023, U.S. tax […]

Thanks to expanded federal estate tax exemptions introduced in 2018, very few families have been subject to federal estate, gift and generation-skipping transfer (GST) tax. However, because the higher exemption is a temporary provision of the tax law and subject to change under the influence of shifting political powers, families must prepare their estate plans […]