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473 items found for "tax planning"

  • How President Biden’s Proposed Tax Plan Could Impact Your Estate

    In keeping with campaign promises, he plans to pay for these plans by raising taxes on corporations and Despite this change, the plans – if enacted – could have major implications for estate planning. if not planned for carefully. Planning Implications Estate planning always hinges on your specific assets and goals, but there are If you are planning on making any gifts, it is a good idea to consult with an estate planning attorney

  • How Joe Biden’s Tax Plan May Impact Your Estate Plan

    Americans are reconsidering their estate planning strategies following Joe Biden’s presidential election No matter what your plans are, keep these considerations in mind ahead of inauguration day: Gift and Estate Taxes This year, the gift and estate tax exemption amount remains at $11.58 million per person the capital gains tax. Under Biden’s plan, long-term gains and dividends may be taxed as ordinary income for those with a taxable

  • Houston Probate Lawyers Answer, “Will My Inheritance Be Taxed?”

    Income Taxes The IRS requires everyone to claim every source of income when they file a tax return, however Capital Gains Tax You have to pay capital gains taxes anytime a gain is achieved. Death Taxes There is a federal estate tax that applies to any asset transfer that is valued over $5.49 Some states also have an inheritance tax, but Texas does not. There are many legal ways to reduce the tax burden on your estate.

  • Pop Songstress’ Estate Arguing over $11 Million Dollar Tax Bill

    Reference: Billboard (May 27, 2016) “Whitney Houston Estate Challenges $11 Million Tax Bill” #estateplanning

  • Proposed Regs Aim to Place Restrictions on Valuation Discount Planning

    According to the regulations.gov post “Estate, Gift, and Generation-skipping Transfer Taxes: Restrictions If these end up being the final regulations, taxpayers will lose an important estate planning technique , and the tax cost of transferring interests in family-owned entities will increase. Reference: regulations.gov (August 4, 2016) “Estate, Gift, and Generation-skipping Transfer Taxes: Restrictions

  • Will My Heirs Be Hit with a Double-Whammy: State Estate Taxes Along with Federal?

    The estate tax is a tax on property transferred at your death, and recent changes in the tax laws have Its state estate tax exemption only goes up to $675,000. from having to pay tax. Talk with a qualified estate planning attorney about a sound estate planning strategy to help you reduce or eliminate potential “state” estate tax liability.

  • Estate Planning During the Biden Era

    may mean you need to update your estate plan to help protect your assets even more than they already President Biden’s tax plan aims to reduce this number to $3.5 million, which is a significant drop that could leave many people with taxable estates without careful tax planning. Gifting early in your retirement or utilizing life insurance as an estate planning tool may be a good The Biden tax plan advocates limiting this annual exclusion to a once annual total of $15,000 – not $15,000

  • Be Smart with that Tax Refund!

    Plan ahead. Planning for deductions helps you understand how much you should withhold and where you should be allocating After you get your tax refund, talk with your financial planning team to establish priorities. It deserves mindful financial planning. #PlanningfortheFuture #TaxPlanning

  • You Bet Your Life There’s Value in Life Insurance

    uber-wealthy business owners, their life insurance wasn’t effectively integrated with their estate plans in irrevocable trusts, then the proceeds are included in the estate values and are subject to estate taxes Don’t forget to speak with your estate planning attorney to make sure that the insurance you have is

  • Bonehead Mistakes Retirees Need to Avoid

    If you’re planning on retiring, plan well in advance. Seek advice from a financial planner or investment advisor. Failing to plan your estate. Who wants to think about and plan for their death when they are busy enjoying retired life? Without an estate plan, you might not be able to transfer your wealth to your family when you die. Talk with an experienced estate planning attorney and take care of this ASAP.

  • How Not to Do It: Spending the Inheritance on Royal Souvenirs and Strippers

    You still need an estate plan,” they took luxury cruises around the world and family outings to strip but everyone needs a plan, even those with social problems, financial problems and marital problems. the government and taxes. Estate planning doesn’t have to be complex or expensive. Estate planning is sometimes 95% social work and 5% legal, some attorneys say.

  • Don’t Use Your Will for Business Succession

    ,” asks whether using a will for business succession may have estate tax consequences. That tax might have been substantially reduced or eliminated with good estate planning by parents who The federal estate tax exemption is $5.45 million per person this year, plus any state exemption amount That means if the business is generating some decent revenue, there’s a good possibility that estate taxes Parents, speak with a qualified estate planning attorney to assist with wise succession planning.

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