Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
If you need to withdraw funds from an individual retirement account or 401(k) account before age 59 1/2, there’s usually a 10% early withdrawal penalty.
Portability allows spouses to combine their exemption from estate and gift tax. This allows a surviving spouse to use the unused estate tax emption of the deceased spouse.
Avoidance of estate taxes is one consideration in estate planning.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
Broadway legend Stephen Sondheim left behind an estate estimated to be worth as much as $75 million to his husband, charities and a dozen other friends, court papers show.
For most people, entering the realm of estate planning can feel a bit like traveling as a tourist into another culture. Because the language itself is unfamiliar, asking a question can result in an answer that is equally confusing.
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