Under the Tax Cuts and Jobs Act, in 2020 each person may transfer up to $11,580,000 without incurring a gift or estate tax. This generous exemption amount will sunset at the end of 2025, which means that in 2026, the...more
11/24/2020
/ Asset Protection ,
Beneficiaries ,
Divorce ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Income Taxes ,
Irrevocable Trusts ,
Spousal Lifetime Access Trust (SLAT) ,
Step-Up Basis ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Tax Planning ,
Trust Funds ,
Trustees
During COVID, many of us are balancing working remotely while caring for our children. This autumn, most of our children are returning to part-time or all remote school. We are using our residences as a home, office, and...more
10/13/2020
/ Capital Contributions ,
Coronavirus/COVID-19 ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
Family Limited Partnerships ,
Family Members ,
Homeowners ,
Mortgages ,
Partnership Agreements ,
Property Owners ,
Revocable Trusts ,
Tax Planning ,
Trustees ,
Trusts
Down markets are a prime opportunity for tax planning for high net worth families. In the few years following the 2008 recession, wealthy families took advantage of gifting options to transfer wealth and reduce taxes. Once...more