Will Making a Gift Conflict with Medicaid? – Annapolis and Towson Estate Planning
Understanding the different treatment of gifts by the IRS, Medicaid and VA systems can ensure that property passes as expected.
How are Capital Gains in Irrevocable Trust Taxed? – Annapolis and Towson Estate Planning
Investors use irrevocable trusts to protect their assets from creditors, lawsuits and estate taxes. However, when you sell a home in an irrevocable trust, that can complicate your tax situation.
What are the Current Gift Tax Limits? – Annapolis and Towson Estate Planning
In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.
Can Estate Planning Reduce Taxes? – Annapolis and Towson Estate Planning
Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
How Do You Gift Your House to Your Children during Your Lifetime? – Annapolis and Towson Estate Planning
There are many ways to pass property on to children, including gifting the family home to them while you are still alive, bequeathing it to the children upon your passing, or selling the residence to your heirs.
Why Do People Give to Charities at End of Year? – Annapolis and Towson Estate Planning
With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.
What Is “Income in Respect of Decedent?” – Annapolis and Towson Estate Planning
When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress.
Do You Pay Income Tax when You Sell Inherited Property? – Annapolis and Towson Estate Planning
My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.
How to Prepare for Higher Taxes – Annapolis and Towson Estate Planning
President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?
What Is the Best Way to Make Sure Children Can Handle an Inheritance? – Annapolis and Towson Estate Planning
How can you prepare your children to handle the assets they’ll eventually inherit?