estate planning
If You Have a Large Estate, Consider Gifting
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 […]
Four Planning Strategies for An Uncertain Estate Tax Future
The current federal estate tax has gone through a constant stream of changes over the past few decades. There have been attempts to repeal the tax, changes to the exemption amount, and changes to the tax rates.In recent years the changes have favored reduced taxes, but this has not always been the case. During times […]
Less Now or More Later? Taxes, That is…
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 – $12,920,000.• 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 […]
Quick Read – Estate Planning Flow Chart
We’ve created an easy to understand flow chart to help you understand the steps and exactly what happens during the process. Check it out now! LINK
Create an Estate That’s Equitable, and Keep Conflict Out
Treating children equally when leaving an inheritance can be an important concern for your clients, but if a large portion of their estate is a business or other non-liquid asset, they may feel like they are trying to divide the indivisible. While the inheritance they leave each of their kids might not be identical and […]
Greenbook Deja’vu: Proposed Tax Increase on Wealthy
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 […]
Owner and Beneficiary Designations on Buy-Sell Arrangements
CASE STUDY Situation: One of the most frequent questions posed to DBS’s in-house Advanced Marketing Attorney by financial representatives concerns the appropriate owner and beneficiary designation of a life insurance policy for a business buy-sell arrangement. Frequently, business owners want their business paying the premiums and they mistakenly believe that this means the business needs […]
Don’t Let Splitting the Business Split the Family
In many family-owned businesses, the commitment and contributions the children make is not equal. Sometimes this is because the older siblings come into the business earlier and carve out their place. They are often resentful of younger siblings who enter the business later expecting to be treated equally when they haven’t “earned their stripes.” Sometimes […]
Will there be an Estate Tax Problem if a Couple Establishes Reciprocal ILITS?
Situation: Today, moderately wealthy couples are increasingly worried about the future lower Federal exemption amount. To keep the life insurance proceeds outside their estate, we often suggest that their life insurance be owned by an irrevocable life insurance trust (ILIT). Many of those clients purchase life insurance because of the long-term care or chronic illness […]