Inflation Updates for 2023
Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2022-38. Here are the important inflation updates for 2023 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2023 2023 […]
Elizabeth Ketterson Interview
We are proud to announce that Elizabeth Ketterson, Esq. has been featured on “Get Real!” with Meg Hanington and Genevieve E. Thayer. “Get Real!” is a program that focuses on various topics related to business and finance. The complete Elizabeth Ketterson interview can be found at: https://rvntelevision.com/episode/getreal-with-elizabeth-ketterson-esq/. The focus of Elizabeth’s interview on “Get Real!” […]
Inflation Updates for 2022
Every year the Internal Revenue Service publishes a list of inflation adjustments. You can find them on the IRS website in Revenue Procedure 2021-45. Here are the important inflation updates for 2022 that relate to Gift and Estate Taxes and others that are just useful: Federal Estate & Gift Tax Inflation Updates for 2022 2022 […]
Federal Estate Tax Portability
Historically in America, each citizen and permanent resident had a certain amount of assets that they could pass on to their heirs free of an estate tax. This amount is known as the federal estate tax exemption. In 2010, the government passed a law allowing for federal estate tax portability. Federal estate tax portability enables […]
What is a QDOT?
A QDOT (Qualified Domestic Trust) is a trust for the benefit of a surviving non-citizen spouse that defers the federal estate tax following the death of the first spouse. A Qualified Domestic Trust defers the federal estate tax because it qualifies for the unlimited marital deduction. A QDOT usually defers the federal estate tax until […]
It’s Not Too Late to Protect Your Estate!
There are rumors that the current administration intends to cut the $11.7 million estate and gift tax exemption to either $5 million or $3.5 million. While these proposals are always subject to change, it is worthwhile to consider if you should make a gift.
Basics of Life Insurance Trusts
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 […]
2020 Tax Updates
The IRS has recently announced many 2020 Tax Updates. The inflation adjustment announcement can be found in Revenue Procedure 2019-44. This includes increases to the federal estate and gift tax exemption limits and increases to the contribution limits to retirement plans. The 2020 Tax Update also increases the income threshold for a small business to […]
Proposed Tax Policy By Republicans Would Enable Wealthy to Pass On A Massive Income Tax Deduction to Their Heirs Upon Death
As most of you know, I generally try to avoid political discussions and I really try to avoid commenting on proposed tax policy before it becomes law for the simple reason that most proposed law changes never get enacted. However, I feel compelled to talk about what I believe is a major flaw in the […]