The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual.
If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, you may need to report it.
Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes.
While you likely have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated, without proper planning your best intentions may not be enough.
A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one.
While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets.
Many families will eventually have to hire a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency.
Rising inflation due to the ongoing coronavirus pandemic means that in 2022, Social Security benefits will go up 5.9 percent, the sharpest upsurge since 1983.
The U.S. Supreme Court has agreed to hear a case that has the potential to affect anyone who receives government assistance with their medical care following a disabling injury that results in a lawsuit.
While the current estate tax exemption is quite high, a closely held family business may put your estate over the limit. Careful planning is necessary to lower or completely avoid the tax, and minority valuation discounts are one strategy.