At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.
Probate is a legal process wherein a court oversees the settlement of an estate after the owner passes.
Under the new Biden administration, the president has made his intentions clear about the potential to change the tax code.
A recipient of a gift does not pay income taxes on the gift. However, the gift-giver may pay gift taxes, unless one of two exemptions applies.
If you want to protect your family’s legacy from unnecessary taxes, divorce and creditors over the course of many generations, a dynasty trust could be your best friend.
Most people have heard that each individual is allowed to gift $15,000 per year to another person without paying a gift tax. However, exactly what the gift tax is, and the consequences of going beyond $15,000, are less clear.
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple).
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.
My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?
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