Both the gift tax and the $16,000 annual gift tax exclusion (in 2022) confuse nearly everyone. The bottom line is that in early 2022 you can give away way more than $16,000 without paying gift tax. In fact, most people could give away every penny they have and still not pay gift taxes. Here’s some tips on how to give away assets without paying gift tax. In early 2022, you can give away $16,000 per calendar year to as many people as you’d like. The annual gift tax exclusion is unlimited, … [Read more...] about A Primer on Gift Taxes in 2022
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Understanding Federal Tax on Inheritance in 2022
If you have been told that you will inherit from a loved one's estate, you may be excited, but you may also have some concerns. If you are worried about the potential tax consequences, you probably don't need to be. When it comes to inheritance, your tax obligation will depend on the applicable state law. When it comes to a federal tax on inheritance, it is not the person inheriting the property that is responsible. In fact, federal inheritance tax is more commonly known as estate tax. Here … [Read more...] about Understanding Federal Tax on Inheritance in 2022
The Sky Isn’t Falling
When we learned of the original provisions in the Build Back Better Act, many individuals panicked, rushing to complete Estate Planning or seeking to undo certain aspects of their estate plan. As the Build Back Better Act has evolved, many wondered if they should have waited before making significant changes to their estate plan. No matter what happens with the Build Back Better Act, an estate plan centered on long-term goals will serve you well. My friend and colleague Tereina Still, an estate … [Read more...] about The Sky Isn’t Falling
Living in a Digital World and the Importance of Planning for Cryptocurrency
Cryptocurrency has become increasingly popular as a form of investment in recent years. More and more established financial institutions recognize cryptocurrency and allow its use. As cryptocurrency becomes mainstream, it’s important to consider estate planning implications for holding this digital asset. My friend and colleague, attorney Tereina Stidd, an estate plannng expert, has some useful tips. Read on to learn more. … [Read more...] about Living in a Digital World and the Importance of Planning for Cryptocurrency
Tax Planning for 2022
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 is just starting, it’s not too early to think about planning for whatever it may bring your way. My friend and colleague Steve Hartett, an estate planning expert, has some thoughts. Read on to learn more. … [Read more...] about Tax Planning for 2022
Try This New Year’s Resolution: Review Your Estate Plan
As the New Year looms, review your estate plan to help maintain it in good shape. Most people are familiar with the television personality, Ron Popeil. His tagline? "Set it and forget it!" While this might work for your slow cooked roast, it does not work for your estate plan! Reviewing your plan each year will help keep your Estate up-to-date and avoid time-consuming (and sometimes costly) issues for your successors. 1. Beneficiary Designations. Make sure the beneficiary designations … [Read more...] about Try This New Year’s Resolution: Review Your Estate Plan
What You Need to Know about a Special (Supplemental) Needs Trust
A special needs trust, sometimes referred to as a supplemental needs trust, is a specific type of trust used to provide support for a special needs individual. This exceptional estate planning tool should be considered by anyone who has a child or loved one who qualifies. So what is a supplemental needs trust and why would I want to create one? A Special needs trust, or SNT, may be used for an individual who is physically or mentally disabled or who suffers from a chronic or acquired … [Read more...] about What You Need to Know about a Special (Supplemental) Needs Trust
What Is a Crummey Notice?
Although a Last Will and Testament remains the most common way to distribute an estate, a significant number of people choose to use a trust in lieu of, or in addition to, a Will to distribute their estate. If you are named as a beneficiary of a trust, it usually means you are entitled to distributions from the trust according to the terms created by the Settlor. What does it mean though if you receive a “Crummy notice?” Let's find out more about a Crummy notice and what to do if you receive … [Read more...] about What Is a Crummey Notice?
Neither Age Nor Health Determines Whether You Need an Estate Plan
Most people associate Estate Planning with the elderly or very wealthy. This article by my friend and colleague, attorney Tereina Stidd, an estate plannng expert, explores situations in which Estate Planning for the young and healthy is advisable. Read on to learn more. … [Read more...] about Neither Age Nor Health Determines Whether You Need an Estate Plan
It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
Many souls believe that if they lack means, they do not need an estate plan. Nothing could be further from the truth. If you die without an estate plan, your assets may not be distributed as you would wish and the results could be downright scary. My friend and colleague, attorney Tereina Stidd, an estate plannng expert, has some thoughts on this issue. Read on to learn more. … [Read more...] about It Can Be Scary to Die Without an Estate Plan…the HORRORS of Intestacy
