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Family Wealth and Estate Planning Articles

 

Individuals: 2024 Inflation-Adjusted Tax Amounts

Individuals: 2024 Inflation-Adjusted Tax Amounts

Posted by Amanda Mooney on November 21, 2023

The IRS has announced inflation-adjusted federal tax amounts for individuals.

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Consequences of Jointly Owned Assets with Children

Consequences of Jointly Owned Assets with Children

Posted by D’Marie Murray on October 26, 2023

Avoid these six consequences of jointly owned assets with children.

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How the Spousal Portability Election Minimizes Taxes

How the Spousal Portability Election Minimizes Taxes

Posted by Robert Ingrasci on August 31, 2023

Spousal portability is not automatic, it is necessary for the deceased spouse’s executor to make a portability election along with filing an estate tax return.

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Naming a Guardian for Minor Children

Naming a Guardian for Minor Children

Posted by Sarah Hopkins on June 09, 2023

The importance of selecting a guardian for minor children and the considerations that should be made when selecting a family member or close friend.

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Five Steps to Implementing Your Estate Plan Without Challenges

Five Steps to Implementing Your Estate Plan Without Challenges

Posted by Amanda Wojtkowski on May 09, 2023

Follow these five steps to help avoid challenges to your estate plan.

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Including Fire Arms in Your Estate Plan

Including Fire Arms in Your Estate Plan

Posted by Robert Ingrasci on May 09, 2023

When including fire arms as part of your estate plan consider a gun trust and remember you need to comply with all federal, state, and local rules.

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Rules for Inherited Property under Fair Market Value

Rules for Inherited Property under Fair Market Value

Posted by Michē Needham on May 02, 2023

The fair marketing values rules can be complicated for inherited property and should not be overlooked.

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Individual, Estate and Gift Taxes under the 2024 Federal Budget

Individual, Estate and Gift Taxes under the 2024 Federal Budget

Posted by Robert Ingrasci on April 12, 2023

High-net-worth individuals continue to be the focus of many of the administration’s proposals in its fiscal year 2024 budget. The proposals, many of which look similar to prior budget proposals, encompass raising individual tax rates, raising capital gain and qualified dividend rates, taxing exchanges between grantors and grantor trusts, imposing restrictions on grantor retained annuity trusts and taxing dispositions of appreciated property at death.

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Why Filing a Gift Tax Return May Be Necessary

Why Filing a Gift Tax Return May Be Necessary

Posted by Amanda Ornowski on March 01, 2023

Whether you are liable for any gift tax, you may still need to file an IRS Gift tax Return.

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Avoid Retirement Plan Early Withdrawal Penalties

Avoid Retirement Plan Early Withdrawal Penalties

Posted by Robert Ingrasci on February 16, 2023

The standard rule for retirement plan distribution is the penalty for withdrawing from your retirement account prior to age 59 ½.  There are actions you can take to minimize the penalty but the rules are strict.
 

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