The current Unified Estate Tax and Gift Tax Exemption allows you to pass $12.92 million, tax-free. This can include tax-free gifts you make during your lifetime, or bequests made after your death, or a combination of the two. A married…
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Florida drivers license data prove what so many of us are noticing in our communities: record-setting numbers of people are relocating to Florida from other states. Our new neighbors are people of all ages, not just retirees. Leading the pack…
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Families and individuals with significant assets will have new opportunities in 2023 to transfer tax-free wealth to their heirs. Your estate planning attorney can provide you with guidance on any gifting you should be doing to take advantage of the…
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Great news for those who missed the deadline to file for portability: Uncle Sam is giving you a second chance. Portability allows a surviving spouse to claim for his/her own estate any unused portion of the deceased spouse’s unified estate…
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Good news if you are a grandparent who owns a 529 account, and for your account beneficiary: Beginning in the 2024-2025 school year, contributions you make to a 529 plan need not be reported on the student’s FAFSA application (Free…
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“I figured out why Uncle Sam wears such a tall hat. It comes in handy when he passes it around.” -Soupy Sales As Soupy’s quip suggests, there are taxes for just about everything – including death. Clients doing estate planning…
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Two key estate planning numbers will change effective January 1, 2022: The lifetime unified gift and estate tax exemption, and the annual estate tax exclusion. These changes may impact you if you have a taxable estate. The lifetime exemption is…
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The Biden Administration’s tax proposals have been on the minds of many of our clients. You may be wondering if and how your estate plan will be impacted, and what you should do now to minimize your heirs’ tax liability. …
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Tony Hsieh, founder of online shoe retailer Zappos, died the day after Thanksgiving at age 46. He died without an estate plan. His life, marked by enormous business success and wealth, was marred by drug addiction and mental illness. His…
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The federal estate and gift tax has long been the cause of confusion, due in part to frequent changes in the law over the past decades. Whether you have an estate plan in place or are just embarking on your…
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