It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025.
A unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025.
With the federal gift and estate tax exemption at $11.40 million for 2019, people whose estates are below the exemption amount are shifting their focus to income tax reduction. High-income taxpayers, particularly those who live in high-income-tax states, may want to consider incomplete nongrantor trusts, which make it possible to eliminate state taxes on trust income.
Did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for children outside the business.
What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges.
Jimmy Eggers has been promoted Tax Partner at Smith Leonard PLLC effective January 1, 2019. He specializes in tax planning and compliance for closely-held businesses along with their respective owners and comprehensive financial planning for high net worth families.
Your estate plan shouldn’t be a static document. It needs to change as your life changes. Year end is the perfect time to check whether any life events have taken place in the past 12 months or so that affect your estate plan.
With the holiday season approaching, thoughts turn to presents for the family. Toys? They already have too many. Sweaters? Practical, but maybe a little too practical. Consider a few financial gifts that might fit the bill.
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]