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 […]

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 […]

Tax Planning

2020 Tax Updates

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2020 Tax Update | The Pollock Firm LLC

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 […]

Estate Tax

2015 Update to Federal Estate Tax Exemption

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2015 Federal Estate Tax Exemption

Starting January 1, 2015, the federal estate and gift tax exemption will increase from $5,340,000 per person to $5,430,000.  That is an increase of $90,000.  If you are married, that amount will be doubled. In addition to the lifetime estate and gift amounts, a person can also give away up to $14,000 per year.  This […]