Taxpayers can benefit from higher thresholds for U.S. estate and gift taxes, even if they don’t die until after the tax overhaul expires in 2026, the Internal Revenue Service said.
We have all heard the term ‘probate.’ However, we may not be exactly sure what this means. It may sound daunting, but don’t be intimidated by the phrase.
Being a fiduciary is a time-intensive and intellectually challenging task to put upon an individual.
There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
If you’ve ever spent time working through your estate plan with a professional, you know how important it is to select and update your beneficiaries.
When you remarry, you’re not only combining residences with your new spouse, you’re also merging your finances. If you have children, it may involve some financial-related stress. For instance, you might need to factor in child support payments or consider whether your new marriage will impact your children’s inheritance.
Planning for your farm’s future has never been more urgent. With one-third of United States farmers older than age 65, it’s estimated that 70% of farmland will change hands in the next 15 years.
Until now, the terms of service for each individual site have determined who has ownership and access after a death and whether the assets are deleted, frozen or can be transferred.
Whole life insurance offers consistent premiums and guaranteed cash value accumulation, while a universal policy provides flexible premiums, death benefits and a savings option.
I am concerned about the SECURE and RESA acts currently being considered in Congress. If either of them passes, my children will lose the inherited stretch IRA ability and face a much higher tax bill upon my demise.
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