Estate Planning

Basics of Life Insurance Trusts

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Basics of Life Insurance Trusts | The Pollock Firm LLC

Trusts can be a wonderful tool for tax planning. If your death is likely to cause an estate tax or an inheritance tax, you should understand the basics of life insurance trusts. An irrevocable life insurance trust (ILIT) is one the most common form of trusts and is the base for many other trusts such […]

Tax Planning

Inflation Updates for 2021

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Inflation Updates for 2011

Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2020-45. Here are the important inflation updates for 2021 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2021 2021 […]

Capital Gains Tax

Make a Gift Before 2021

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Give a Gift before 2021 | The Pollock Firm LLC

I try very hard not to be political in these blog posts. I also try not to speculate on what the government may or may not do as they frequently compromise in an unpredicted manner. However, I would be remise if I didn’t talk about the fact that Joseph Biden is ahead in most of […]