The opportunity to give large, tax-free gifts to your heirs may soon diminish. With significant gift tax changes coming in 2025, the current federal gift tax exemption is set to be drastically reduced. Ensure your wealth stays in the family by revisiting your estate plan now. Understanding Gift Tax Changes in 2025 The Tax Cuts…
The federal government imposes an estate tax, while the state of California does not levy any estate tax of its own. For California residents, the only tax that could potentially apply to their estate is the federal estate tax. However, if you own property in a state that does impose an estate tax, your estate…
The Permanent Exemption: Maximizing Your Estate’s Tax Benefits Undoubtedly, you want to keep your estate’s tax burden below 40%. Fortunately, every taxpayer has the right to use the lifetime exemption, often referred to as the “permanent exemption,” to lower their tax liability. The lifetime exemption amount was set at $5 million by the American Taxpayer…
Do You Want to Pay Estate Taxes? No? Using of Trusts for Estate Tax Savings – Well, if you haven’t planned, you might be paying them anyway. When you made your Will, did you leave any money to the government? No way, right? You might be wrong about that. Most of us don’t want to…
How Many Plans Do I Need? Most folks have at least heard of estate planning. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans – financial, tax, legacy, and estate – are vital to your financial well-being and the protection of your assets…