As we approach 2025, future tax policy is bracing for change. With election results determined, policy shifts will begin to take shape as the new administration takes over. Any potential policy changes will provide a modified framework for strategic decisions on a forward-looking basis. However, wealth transfer planning for individuals still requires thoughtful consideration because it…
Read MoreWhether it’s a cherished family home, vacation house, or a portfolio of investment properties, inheriting property often precipitates unexpected financial responsibilities. Understanding the nuances of estate and inheritance tax well in advance of property acquisition is essential to mitigate potential financial burdens. Too often, estate planning can be an afterthought, prompting a complex and stressful…
Read More“Carol Page” got a call from the bank-an IRA from her deceased father was found and paperwork needed to be signed. But before the money was made available, a snag was discovered-her mother was named as the beneficiary, and unfortunately, her mother had recently died. The bank explained that now Page had to work with…
Read MoreThe IRS is providing relief to heirs of inherited IRAs who are subject to the 10-year rule, allowing them to skip required minimum distributions (RMDs) in 2023. Up until a few years ago, if you inherited an IRA from a parent or grandparent, the withdrawal rules were clear: you could stretch distributions over your lifetime. Since…
Read MorePrior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime exemption that went unused by an estate was purely lost. However, in 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (“the Act”), which introduced the ability to “port” unused exemption amounts between…
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