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 […]
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 […]
The recently released House version of the Build Back Better Act dated October 28,2021 eliminates several of the previously proposed tax increases impacting high net income individuals. The tax proposals dropped in the rewrite will inevitably undergo further revisions before they’re passed by the House and taken up by the Senate.
The end of the year is the perfect time to review financial plans with your clients. This year, many wealth planning strategies are on the chopping block and high-income earning individuals could see their tax rates increase in 2022. Therefore, potential changes should be considered when making decisions. As the end of the year approaches […]
Situation: Nearly all buy-sell agreements that use life insurance as a funding vehicle do not have the business owner owning their own policy. In an entity purchase arrangement (where the business buys back/redeems a departing owner’s interest), the business is the owner and beneficiary. In a cross purchase arrangement (where the remaining owners purchase interest […]