I was told that unlike wills, a trust doesn’t require probate and is not taxable. My main asset is a house that I want to pass on to my son. Would a living trust help?
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
Facing down an uncertain election outcome and the possibility of tax reform in 2021, many families started transferring substantial amounts of wealth last year, making large gifts to take advantage of the historically high gift and generation-skipping transfer tax exemptions.
In some cases, estate planning can be quite simple. In others, it can be a complex process with far-reaching consequences. In either case, it is important to review your wishes and have the proper documents prepared to ensure that they are followed at your death.