Cohabitation without marriage is becoming more common in the U.S. Buying a home with your partner may make financial sense, but it can come with some legal complications. While most couples do not go into a relationship planning for when it will end, it can happen, and sharing everything may lead to some unintended consequences. […]
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Cryptocurrency is an amazing advancement that allows for secure and private transactions. However, extreme security and privacy can backfire if you lose the ability to access your cryptocurrency or never tell anyone how to access it upon death. Because cryptocurrency is so new, your estate plan may not include information about your cryptocurrency investments, which […]
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What is a Qualified Personal Residence Trust? A Qualified Personal Residence Trust (QPRT) is a type of irrevocable trust that allows the owner of a personal residence to transfer the title and ownership of their home to their trust for a set number of years, usually 5-20. When the QPRT terminates, home ownership is […]
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The divorce rate is declining in the United States but remains between 31% and 42%. Your children enter their marriages sure that their marriage is strong and would never be subject to divorce, but it happens. In addition to concerns about your child’s happiness and your grandchildren’s welfare, you also need to ensure that your […]
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Taxes are a fact of life, but some tax schemes are better known than others. For example, everyone who earns a paycheck knows about the federal income tax deductions from their pay each pay period. Lesser known taxes include capital gains, gift, and generation-skipping transfer taxes. The generation-skipping transfer tax (GST) is a federal tax […]
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Small business owners have many options when structuring their business and choosing their tax status. One option is an S corporation. The business structure you choose will affect your estate planning, so it is essential to seek the guidance of an experienced estate planning attorney and tax advisor when estate planning as a small business […]
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Real estate can refer to your primary residence, but it can also include a vacation home or rental property. Below, we take a look at the different types of real estate and make suggestions about the best form of ownership for each. Primary Residence A primary residence receives special tax treatment, so you’ll need to […]
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HOW THE CLAYTON ELECTION AND DISCLAIMER OPTIONS HELP MARRIED COUPLES REDUCE FEDERAL ESTATES TAXES Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2022 exemption amount for an individual is $12.06 million. However, current law reduces the exemption to $5 million (adjusted for inflation) […]
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Why you might need This Trust in the Future? According to the Internal Revenue Service, an estate tax is a tax on your right to transfer your property upon your death. The combined estate and lifetime gift tax limit for 2022 is $12,060,000, a very generous amount when compared to 2004-2005, which was $1,500,000. This […]
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The federal tax code is very specific about how much you are allowed to gift others in any given year or over a lifetime. If you go over that amount, you, the giver, get an unwanted gift from the Internal Revenue Service (IRS) in the form of a gift tax. However, not every gift is […]
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