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Affluent Parents Maximize Tax-Free Giving to Children

Affluent couple with grand daughter reading a book on the couch.

Affluent estate owners are opting to support their children and grandchildren financially during their lifetimes. We explore three strategies that can maximize tax-free giving to consider in your estate planning.

Gift and Estate Tax Exemption Limits Increase for 2024

Large, diverse family may benefit from 2024 Estate Tax Exemption increases.

It’s nobler to give than to take, the saying goes, and giving assets to loved ones while you’re still alive is a great way for them to enjoy the benefits right away—and for you to delight in seeing them enhance their lives.

What are the Tax Brackets for Next Year?

Tax Brackets 2023 Estate Tax Inheritance Tax

People pay many different kinds of taxes. You file an income tax return every spring, pay sales taxes when you buy things and pay property taxes if you own a home. These taxes apply to nearly everyone.

When are You Required to File a Gift Tax Return?

Gift and Estate Tax Planning

The IRS wants to know how much you’re gifting over the course of your lifetime. This is because while gifts may be based on generosity, they are also a strategy for avoiding taxes, including estate taxes, reports The Street in a recent article “Do I Need to File a Gift Tax Return?” Knowing whether you…

How Do I Talk to My Parents About Estate Planning?

Caregiving Burnout

If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from the pandemic, however, it’s that waiting until the last minute to prepare is seldom a good idea.

What Can Trusts Do for Me and My Family?

Estate Tax Gifting Exemption

Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.

What If an Estate Owes Back Taxes?

Update Will

My mother passed, and she was an administrator of my grandfather’s estate and the inheritances. The estate accumulated quite a bit of back taxes over the years. Will the IRS put a lien on that estate as well as hers to retrieve funds?

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