“My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.” From the description above, it’s clear the family had a plan for their land. However, from […]

Finger Pressing Button on Calculator

“The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.” The federal estate and gift tax exemption is applied to […]

Senior couple

“Under current rules, the federal estate tax won’t ever affect you, unless you’re quite wealthy. However, that could change rapidly, even if you are far from rich.” Proposals now being considered by President Biden may expand the number of Americans who will need to pay the federal estate tax in one of two ways: raising […]

Giving to charity

“Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.” The interest in charitable giving increased in 2020 for two reasons. One was a dramatic increase […]

question mark

“Now that there is a Democratic majority in the Senate and the House of Representatives, estate and gift tax law changes are expected to occur in 2021 or 2022.” Changes in the White House and the Senate have many people wondering how federal estate and gift tax laws may change and when those changes will […]

Woman Looking to Side

“Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.” Election cycles […]

Giving to charity

While direct giving has an immediate impact, some individuals may be considering charitable planning strategies that will have a larger and longer-lasting impact not only on charities, but on their own lives or that of their families. A charitable trust can provide an alternative to meeting your wishes for charities and your loved ones, while […]

House and Keys in Female Hands

“Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?” For a family whose 91-year-old mother lives in her home, has a will and has appointed two sisters as Power of Attorney and executors of her estate, the question […]

Woman holding a skeleton key over white background

“Many people work hard to acquire real estate and then later find that that real estate makes them ineligible for Medicaid to help pay for nursing home or in-home, long-term care.” The challenges begin when homeowners don’t do any Medicaid planning and decide the best answer is simply to gift their home to their children. […]

Senior couple

“Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.” Paying taxes when you aren’t working but are instead receiving income from a lifetime of working and Social Security is a harsh reality of retirement for many people. Figuring out how much of […]