The Applicable Exclusion Amount (“AEA”) permits individuals to transfer a certain amount of property either during life or at death without worrying about incurring an estate or gift tax. Passage of the Tax Cuts and Jobs Act of 2017 temporarily doubled that amount thereby allowing significant amounts of wealth pass from one generation to another without imposition of tax. As we draw nearer to January 1, 2026, and the sunset of those doubling provisions, attorneys and clients alike will rush to utilize whatever remains of their AEA to avoid losing it. Married individuals have a particularly useful option at their disposal.
Estate Planning
How To Handle Stepfamilies in Your Estate Plan
Let’s say you remarry and adopt your partner’s children or have children from previous relationships. You need to plan carefully for each other and your kids. You can never guarantee that everyone in a blended family will be happy with the new arrangement, but you can avoid some mistakes. You don’t want anyone to get […]
What You Top Things to Know about the Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. The provisions of the Corporate Transparency Act are designed to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.
Why You Need a Will
No one wants to think about death or dying, yet it is inevitable. Ignoring that fact causes many of us to delay planning, which, if the unexpected happens, can result in issues that could have been avoided. That is why everyone should have a will. Without a will, you are leaving what happens to you […]
Planning for a Special Needs Child
Planning for a special needs child takes special consideration, especially in terms of estate planning. To be sure your child is cared for the way you would like, you need to get your affairs in order. By following the steps outlined below and consulting with a qualified professional who can help you design a plan […]
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