The One Big Beautiful Bill Act of 2025, which was signed into effect in July, brought much needed permanence to the estate, gift, and generation skipping transfer tax (AKA transfer taxes) exemption. The biggest issue with not having a permanent federal transfer tax exemption was that it made estate planning unnecessarily complicated. Accordingly, for many […]
Situation: I’m often confronted with the situation where an individual has purchased a policy on his or her life and retained an “incident of ownership” causing the proceeds to be included in his or her taxable estate. To avoid estate inclusion the insured may seek to transfer the policy to an ILIT. Unfortunately, certain transfers […]
Situation: Couples with young children often have a variety of insurance needs. The Foremost reason young couples should purchase insurance is to make sure to replace lost income, both in the event of a premature death or disability, and payoff mortgage and debts. Within this segment you may find some raising a child with special […]
Situation: Many people plan to pass on money and property to their loved ones after they die. However, if they have a sizable estate, they need to consider making lifetime gifts. Never has the opportunity for making lifetime gifts been so great because the amount of property sheltered from taxation is at a historic high […]
On March 9, 2023, the Biden Administration released its budget and tax proposals for FY2024. Alongside the Budget the Treasury released its document further describing the revenue proposals in what is typically called the Greenbook. Many of the proposals are reminiscent to those in prior years’ Greenbook. The budget proposes to increase taxes for corporations […]
In 2023, you can give away more… • The amount you can give away (gift exemption) without owing any federal gift tax is the highest it has ever been – $13,610,000.• However, President Biden campaigned on raising taxes and has proposed to tax the transfer of property as low as $3,500,000 at a rate of […]
Gifting is a valuable part of most estate plans, but when financial advisors think of gifting they usually just think in terms of the annual exclusion gift that can be made each year. The annual exclusion gift increased in 2023 to $17,000 per person, so for a couple, $34,000 can be given to a single […]
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