The year 2025 has brought changes to the unified gift and estate tax exemption, and the annual gift tax exclusion. Federal Estate Tax Exemption The federal estate tax is levied on gross taxable estates. A taxable estate includes trust assets,…
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Life never stands still for anyone. Your personal, family, financial and health circumstances always change over time. So do laws, at both the federal and state level. These are the reasons everyone should revisit and revise their estate plan periodically….
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The legal term for rejecting a bequest is disclaiming. When you disclaim a bequest from an estate, you are effectively saying: Treat me as if I had predeceased the person who died and left me the inheritance. Then distribute the…
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Beginning in 2024 there are new estate tax numbers you should be aware of, particularly if you have a substantial estate that is taxable right now, or one that is likely to be taxable in the future. The Federal Lifetime…
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Clients often ask us about how their life insurance policies fit into their estate planning, and vice-versa. In this post we answer frequently asked questions on this subject. We will also tell you about specific traps you should avoid. Note:…
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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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