Estate Tax

Simple Move Can Boost Your Estate-Tax Exemption – Barron’s

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  Listen up, financial advisors: There’s a simple way to help wealthy clients shield more of their estates from taxes, yet it’s often overlooked. Newsletter Sign-up That’s according to InvestmentNews, which looks at what’s known as “portability” for married couples. This strategy allows a surviving spouse to inherit their deceased spouse’s estate-tax exemption, which – thanks to the 2017 tax law – currently stands at $11.4 million for individuals. That means the surviving spouse can pass down $22.8 million to … Continued

Eight Things You Need To Know About The Death Tax Before You Die

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  The federal estate tax (sometimes called the death tax) is a one-time tax that is imposed at death. If you die with a certain dollar amount of assets – currently, estates under $11.4 million are exempt, but this reverts back to $5 million in 2026 – a federal estate tax return is required and a tax will be due. If a return is required, it is due nine months after the date of death. Sometimes people confuse the estate … Continued

Less estate tax planning may be better for older rich clients: Tax Strategy Scan | Financial Planning

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  Less estate tax planning may be better for longer-living richThanks to longer retirement horizons, rich households may benefit from doing less tax-related estate planning, experts told Bloomberg. “People used to do a lot of wealth transfer planning when they were in their 60s, and I’m seeing people waiting longer to focus on transfers of wealth to the next generation or generations,” according to Jessica Galligan Goldsmith, co-managing partner of Kurzman Eisenberg Corbin & Lever. They’re not as willing to … Continued

WSJ Tax Guide 2019: Estate and Gift Taxes – WSJ

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  The overhaul doubled the estate- and gift-tax exemption, which is a combined amount that applies to an individual’s gifts made during life or assets left at death. For 2018, the limit rose to $11.18 million per individual and $22.36 million per married couple. For 2019, an inflation adjustment lifts it to $11.4 million per individual and $22.8 million per couple. This increase in the exemption is set to lapse after 2025. In November 2018, the Treasury Department and the … Continued

2019 Estate and Gift Tax

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The IRS has published new guidelines relating to estate and gift tax changes for 2019. Starting this year, estates of decedents who die during 2019 have a basic estate tax exemption amount of $11,400,000 (increased from $11,180,000 in 2018). This means that the estate of a person dying in 2019 with more than $11.4 million in assets may pay a federal estate tax (on assets which do not pass to charity or to a surviving spouse). Over both deaths of … Continued