4 06, 2021

What Is the Generation-Skipping Transfer Tax?

2021-06-04T10:25:14-04:00June 4th, 2021|

The estate tax gets all the press, but if you are leaving property to a grandchild, there is an additional tax you should know about. The generation-skipping transfer (GST) tax is a tax on property that is passed from a [...]

19 04, 2021

IRS Announces That Face Masks and Related Purchases Are Tax Deductible

2021-04-19T12:00:55-04:00April 19th, 2021|

The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus.  If you have significant medical expenses, you may be able to [...]

26 03, 2021

Will You Owe a Gift Tax This Year?

2021-03-26T11:13:57-04:00March 26th, 2021|

The rules surrounding taxes on gifts often create confusion during tax season or any other time. Below are some of the nuts and bolts of the gift tax, including when a gift tax form needs to be filed. The annual [...]

4 07, 2018

What is “Stepped Up Basis” and How Does it Affect Estate Planning?

2018-11-08T05:36:57-05:00July 4th, 2018|

Phrases like “stepped up basis” tend to make the average person’s eyes glaze over. Everyone wants to maximize wealth and minimize expenses such as tax obligations. And, they want to avoid unnecessary tax burdens for their heirs. But, that doesn’t [...]

6 05, 2018

Estate Planning Under Trump’s New Tax Law

2018-05-27T17:05:06-04:00May 6th, 2018|

From an estate planning perspective, the highest-profile aspect of the new tax law is that the federal estate tax exemption has been doubled. The jump from $5.5 million to just over $11 million ($22 million for married couples) is significant, [...]

30 04, 2018

Will Your Cryptocurrency Die with You?

2018-05-27T17:04:40-04:00April 30th, 2018|

Cryptocurrency hasn’t exactly gone mainstream, but it’s no longer a rare, fringe holding. A recent survey revealed that nearly 8% of Americans own at least some Bitcoin or other form of cryptocurrency, and another 7.76% indicated that they planned to [...]

16 04, 2018

Benefits of a Charitable Remainder Trust

2018-04-16T13:36:18-04:00April 16th, 2018|

Even if you haven’t yet invested in estate planning, you’ve probably heard of Charitable Remainder Trusts (CRTs). When you visit your favorite non-profit’s website or receive a solicitation letter from your alma mater, you may see a pitch for the [...]