Estate Planning

estate tax

Estate Tax Basics

In the US, estate taxes are levied on the transfer of assets from a deceased individual’s estate to their heirs or beneficiaries. An estate tax is not the same as an inheritance tax. It’s a tax on the total value of a person’s assets at the date of death. The estate pays the tax before …

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Generation-Skipping-Transfer-Tax

Generation-Skipping Transfer Tax

Generation-skipping transfer (GST) refers to the tax imposed by the US government on transfers of property that skip a generation of heirs. Its primary design is to prevent wealthier individuals from avoiding estate and gift taxes by transferring large amounts of assets to their grandchildren, bypassing their children. The GST tax applies on top of …

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Tax Law Changes Affecting Retirement and Estate Planning

Tax Law Changes Affecting Retirement and Estate Planning

Tax provisions recently made their way into the Inflation Reduction Act (IRA), which became law in August 2022, along with the SECURE 2.0 Act in December 2022. Lower-income household tax code changes will automatically take effect. Households of higher income and net worth may want to review their retirement and estate plans to see if changes are …

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