What’s the Estate Tax Exemption for 2021?
The federal estate tax exemption is going up again for 2021.
How Can I Use Estate Planning for My Small Business?
Small businesses are often caught up in growth cycles, profits and ensuring that products arrive to consumers on time. The life of a small business owner is a hectic one with many owners failing to follow basic estate planning and business law practices.
How Does an Intentionally Defective Grantor Trust Work?
This type of trust can be established to benefit your spouse, children, grandchildren and other descendants. However, it may be more appropriate in some situations than others. Getting to know the details of what an IDGT is and how it works can help you decide if it makes sense for you.
Should I Create an LLC for Estate Planning?
Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial not just for small-business owners but is also a powerful tool for estate planning.
What Happens If I Don’t Have an Estate Plan?
Estate planning attorneys will agree that it is better to die with a properly drafted will, than to die without one. If you don’t have one, consider getting one.
What Exactly Is the Estate Tax?
The estate tax in the United States is a tax on your right to transfer property to other individuals upon your death, according to the IRS. In other words, when you die, the U.S. government might be entitled to a portion of your assets before the remainder can be passed to your heirs. Not all inherited assets are subject to the estate tax. In fact, the U.S. estate tax only affects the wealthiest households.
What Does Recent Legislation Mean for the Generation-Skipping Transfer Tax (GSTT) Exemption?
Recent legislation provides unprecedented opportunities to minimize or avoid estate, gift and generation-skipping transfer taxes (GSTT).
Do I Need to Be Wealthy to Set Up a Trust?
If you’ve heard of trust funds but don’t know what they are or how they work, you’re not alone. Many people know just one key fact about trust funds: they’re set up by the ultra-wealthy as a way to protect passing on significant sums of money to family, friends or entities (charities, for example) after they pass away.
Business Exit Planning and Estate Planning
Thinking of exit and estate planning in tandem, allows owners to ask relevant questions to bring their entire picture into focus.
Will We Have to Pay Gift Taxes if We Give a Rental Property to Our Son?
How should we best do this, so that we avoid future gift taxes?