It may be tempting to believe creating your estate plan with do-it-yourself documents will save you money. However, it can be costly in the end, both financially and in terms of family wellbeing. Estate planning involves important decisions about how your assets will be distributed after you die and who will manage your affairs. Online …
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 …
An estate plan distributes assets according to your wishes and ensures loved ones are cared for after your death. It requires organization and strategy and begins with 5 Major Components of Estate Planning, these are the key legal documents that can address many areas of estate planning concerns. Proper estate planning can provide tax savings …
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 …
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 …
Tax Law Changes Affecting Retirement and Estate Planning Read More »