Under a tax-law exception this year, clients can make a lump-sum 2021 gift of up to $75,000 to fund a 529 college savings account for a child or grandchild (or any other college-bound individual) and claim a federal gift tax exclusion for the full amount.
The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.
Who will inherit what from the Duke?
No one can predict the future—and navigating that reality is precisely what makes estate planning so complicated.
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.
You may love your son-in-law or daughter-in-law now, but that could change down the road. So, if you don’t want your money going to your child’s future ex, here’s what you should do.
How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.
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