How to Incorporate Gifting into Estate Planning
The Internal Revenue Service (IRS) has its hand out for tax dollars associated with your generosity. However, there are tax-smart loopholes.
How Does Estate Planning Work for Caregiving Children? Annapolis and Towson Estate Planning
A not uncommon estate planning scenario is an elderly parent who lives with an adult child, either at the parent(s)’s home or at the child’s home.
Giving to My Favorite Charity in Estate Plan – Annapolis and Towson Estate Planning
Some people choose, upon their passing, to give their inheritance to a specific charity or organization. The great news is you don’t need a famous surname to give like a philanthropist.
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.
Do Unified Credit Gift Tax Exclusions Work? – Annapolis and Towson Estate Planning
Gift taxes and estate taxes are only applied if your bequeathed assets exceed a certain dollar amount. Here’s a look at what the unified tax credit is, how it relates to gift or estate taxes and who this credit impacts.
Are You Ready for 2026? – Annapolis and Towson Estate Planning
Because once 2026 arrives, many of the tax adjustments that were part of the 2017 Tax Cuts and Jobs Act (TCJA) are expected to expire.
How Does Probate Court Work? – Annapolis and Towson Estate Planning
Probate court is a segment of the judicial system that oversees the execution of wills as well as the handling of estates, conservatorships and guardianships.
Can You Gift Money on Your Deathbed? – Annapolis and Towson Estate Planning
One sure-fire way your clients can reduce the size of their taxable estate is to give gifts to loved ones while they’re still alive. But when are ‘deathbed gifts’ considered to be complete for estate and gift tax purposes?
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.
Pay Attention to Income Tax when Creating Estate Plans – Annapolis and Towson Estate Planning
Avoidance of estate taxes is one consideration in estate planning.