What estate planners need to accomplish for their clients before Tax Day, as well as the regulatory changes they need to be aware of while preparing for the big day.
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.
Aretha Franklin’s long-standing $7.8 million debt to the Internal Revenue Service has been paid in full, her estate says in a new court filing.
At the time of Boseman’s death, news came to light that he had married Taylor Simone Ledward a few months earlier and that he had no will.
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…
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.
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.
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?
No one likes doing taxes, but the task is even more daunting when filing a return for someone who has died.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.