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Schedule Your Free Consulation06
Mar
New IRS “Clawback” Regulations Have Limited Applicability to Gift Transactions
The Tax Cut and Jobs Act of 2017 (TCJA) doubled the exemption amount available during lifetime or at death from $5 million to $10 million, inflation adjusted, until January 1, 2026. The 2022 exemption amount is $12. 06 million and will decline under current law, subject to further...
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Mar
When Forgetfulness is a Problem
Head, shoulders, knees, and toes. We learned those body parts as youngsters as we sang along to the song. As we age, we often find that our head, shoulders, knees, and toes don't quite work like they used to. While these physical ailments can be a sobering reminder that we...
View MoreCategories: Elder Law Estate Planning Guardianships Legal Advice
06
Mar
New Federal Transfer Tax Rules for 2022
The Internal Revenue Service has announced the annual inflation adjustments for the 2022 tax year: 2022 Gift and Estate Tax Exclusion $12,060,000 GST Tax Exemption $12,060,000 Gift Tax Annual Exclusion $16,000 Annual Exclusion for Gifts to Noncitizen Spouse $164,000 Federal appli...
View MoreCategory: Taxation
06
Mar
Revised Limited Liability Company Act
When dealing with the death of a loved one, the amount of information to be processed and documents to be sorted through might seem overwhelming. Faced with unfamiliar concepts, terminology, and deadlines along with one’s own grief, the trust and probate administration process ca...
View MoreCategories: Business Planning Estate Planning Taxation
06
Mar
Three’s a Crowd, and Two Can Be Too: The Pitfalls of Joint Property Ownership (Part 2 of 2)
In Part 1 of this two-part series, we discussed a few of the ways that joint ownership of assets can complicate an estate plan by unintentionally changing the manner in which assets are distributed after someone dies. Part 2 of this series will examine some additional issues tha...
View MoreCategory: Estate Planning
06
Mar
Three’s a Crowd, and Two Can Be Too: The Pitfalls of Joint Property Ownership (Part 1 of 2)
As with any finely tuned machine, a well-maintained estate plan requires a thorough understanding of all its component parts to ensure that it functions efficiently. While the core documents that make up your estate plan might vary depending on the complexity of your wealth and...
View MoreCategory: Estate Planning
06
Mar
The Shivers
One of my children’s favorite stories is The Shivers from Arnold Lobel’s Frog and Toad anthology. It begins as many good stories do—on a dark and stormy night. Frog and Toad sit down with a pot of tea and Frog proceeds to tell Toad a scary story, repeatedly asking, “Don’t you li...
View MoreCategory: Estate Planning
25
Mar
Understanding Estate Tax Laws and Proposed Changes
We spoke with Dave Hunt, Founder and Wealth Manager at Milestone Wealth, about current estate tax laws and changes that may be on the horizon! Watch the YouTube video below to find out more! Watch Now! ...
View MoreCategories: Advisors Estate Planning Events Firm Taxation
06
Mar
Surviving Spouses Need To Be Aware Of Potential Changes To The Estate Tax
Clients who have lost their spouse within the past two years may want to speak to us if his or her estate is close to $6 million. Why? Because there are pending tax proposals before Congress that would reduce the current $11. 7 million exemption down to approximately $6 million on...
View MoreCategories: Estate Planning Taxation Trust Administration
06
Mar
Proposed New Tax Bill Impact on Life Insurance Trusts
One of the most common tools in the estate planner’s toolbox is an Irrevocable Life Insurance Trust, or ILIT for short. The ILIT is useful for clients who have a life insurance policy that, if included with their other assets, would be subject to the estate tax. Consider this exa...
View MoreCategory: Trusts
