The taxation of estates is in the headlines again as President Biden and several members of congress have introduced proposals to change the law. Possible changes have included a reduction of the estate exemption from $11,700,000 to $3,500,000; increasing the top estate tax rate from 40% to 45%; taking away the basis step up at death for individuals with gains exceeding $1,000,000; and eliminating or significantly changing strategies involving trusts and the use of discounts in transactions with ... [Continue Reading]
Articles and resources related to Estate Tax.
The nature of estate planning is that it is truly an ongoing process. It's prudent to review and periodically update plans in light of numerous factors. Health, family changes, and changes in related laws are a few of the most common reasons you may want to update your plan. A recent law, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, includes significant changes that could have an impact on your estate plan. It is therefore very important that existing documents ... [Continue Reading]
Estate tax laws continually change, making it important to review your estate plan periodically. Working alongside a Carlson Capital Management tax professional will help you understand how the new laws will impact your estate and its beneficiaries, as well as your financial position today. Federal Level: Higher Exemptions and PortabilityConsider the new, higher lifetime estate exemptions: Only individuals with taxable estates greater than $11,400,000 and estates of married couples greater ... [Continue Reading]
The November elections resulted in a Republican sweep of the White House, the U.S. House of Representatives, as well as the U.S. Senate—results that could very well set the landscape and build momentum for major tax reform in 2017. President-elect Trump and House Speaker Paul Ryan have each put forth initial proposals that have the potential of serving as platforms for major tax reform legislation. For this quarter’s update, we thought you might appreciate a summary of what we believe are the ... [Continue Reading]