Can You Explain the Concept of Step-Up Basis? – Annapolis and Towson Estate Planning
There are several tax concepts that are important for real estate investors, but for many people, step-up in basis is one of the least understood.
What Happens to Estate Tax Benefits After 2025? – Annapolis and Towson Estate Planning
Taxpayers can benefit from higher thresholds for U.S. estate and gift taxes, even if they don’t die until after the tax overhaul expires in 2026, the Internal Revenue Service said.
Will My Heirs Need to Be Ready to Pay Estate Taxes? – Annapolis and Towson Estate Planning
I'm in my 80s and have a substantial sum in retirement accounts that I plan to leave to my children. Will they have to pay estate taxes on it?
New IRS Regulations Won’t Claw Back Estate Tax Benefits – Annapolis and Towson Estate Planning
The IRS published regulations on Friday that there will not be a claw back in the event exemptions are reduced in 2026, when the current tax levels expire. We recommend clients consider making lifetime gifts to use some of the federal estate tax exemptions before the exemption is reduced. Please feel free to give us a call if you would like to discuss this further. IRS Says Millionaires Can Keep Estate Tax Benefits After 2025 Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys
What is Portability and How Does It Impact Estate Planning? – Annapolis and Towson Estate Planning
There is often a great deal of confusion about the term “estate taxes” when someone passes away. What exactly are they? Who pays them? When are estate taxes due? How do they get paid and to whom?
Are Inheritances Taxable? – Annapolis and Towson Estate Planning
There is nothing wrong with letting your inheritance sit, until you have explored all of your options and have a full understanding of how a windfall can affect your personal taxes.
What You Need to Know about Trusts for Estate Planning – Annapolis and Towson Estate Planning
Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.