The wealthiest taxpayers have many tools at their disposal to pay less to Uncle Sam. Some tactics, like donating to charity via trusts, might seem far-fetched but are perfectly legal.
When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
Pandemics, inflation, rising interest rates, war in the Ukraine—uncertain times indeed! And yet, in the world of estate planning, almost every change in the zeitgeist offers its own suite of planning opportunities and applicable techniques.
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.
