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 […]

extended family

The basics of estate planning can deal with various situations. Since family situations differ greatly, there can be challenges and opportunities as the members deal with estate planning basics, according to the Chicago Tribune in “Dealing with property transfers and gift taxes“. In a situation in the article, the family home was rented to a […]

nurse bathing a newborn

Titling assets through joint tenancy works well, until it doesn’t. Going without an estate plan and relying on titling assets through joint tenancy to a surviving spouse can be a workable plan but then again, it can become a nightmare, according to the Santa Cruz Sentinel in “After husband’s death, wife needs to create revocable […]

Family Pulling Party Favors During Christmas Dinner

You may think your work is done when your estate plan is completed. However, a remaining step may be informing the kids about what they face. If you wish to pass your estate on to your children, it might be a good idea to spend some time educating them about the challenges and responsibilities they […]