What You Need to Know About Estate Taxes – Annapolis & Towson Estate Planning
Knowing the tax rules can help you pass on more of your money to your loved ones while minimizing taxes.
What Happens When Gift and Estate Tax Exemptions Change? – Annapolis and Towson Estate Planning
The federal lifetime gift and estate tax exclusion will increase for 2023, with possible increases for 2024 and 2025. However, these high thresholds are only temporary, unless there is a change in tax law.
Who Needs a SLAT Trust? – Annapolis and Towson Estate Planning
A SLAT is an irrevocable trust set up while both spouses are still alive, in which one spouse is the designated beneficiary of the other spouse.
Could Your Estate Plan Be a Disaster? – Annapolis and Towson Estate Planning
We’re all looking to save taxes, court costs, legal fees and ‘make it simple’ for our heirs. A last will and testament is the cornerstone of all estate planning, maybe with a trust.
What Is Upstream Planning? – Annapolis and Towson Estate Planning
Doing some ‘upstream’ planning now will take the guesswork out of what’s coming your way.
Is Your Estate Plan Ready for Tax Changes? – Annapolis and Towson Estate Planning
There are useful estate planning vehicles that take advantage of current historically high federal exemptions, while providing flexibility to adapt and modify those plans based upon future events or tax law changes.
What Is the Proposed IRS Anti-Clawback Provision? – Annapolis and Towson Estate Planning
The Treasury Department is on the cusp of changing a taxpayer-friendly regulation regarding federal estate taxes, but there’s no need to panic. As long as taxpayers can show that their gifts are truly gifts, they should not be affected by the revision.
What Happens to Parents’ Debt when They Die? – Annapolis and Towson Estate Planning
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
Is Estate Tax Exemption Going to Change? – Annapolis and Towson Estate Planning
The new numbers mean that wealthy taxpayers can transfer more to their heirs tax free during life—or at death. A lot more.
What Is the First Thing an Executor of a Will Should do? – Annapolis and Towson Estate Planning
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.