by Arthur Geffen | Sep 8, 2020 | Estate Planning, Estate Planning Solutions, Estate Tax, Gift Tax, Gifts
The clock’s ticking for wealthy clients looking to find tax advantages when transferring assets to the next generation or selling their business—especially considering the looming, potentially watershed election. “With a possible administration change and...
by Arthur Geffen | Sep 2, 2020 | Estate Planning, Estate Tax
The federal government taxes the transfer of assets via three separate but interrelated taxes: the estate tax, which taxes the transfer of assets at death, the gift tax, which taxes gratuitous transfers during your lifetime, and the generation-skipping transfer...
by Arthur Geffen | Aug 25, 2020 | Income Tax
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a business? A...
by Arthur Geffen | Aug 18, 2020 | Estate Planning, Estate Planning Solutions, Estate Tax
Estate planning entails such rudimentary concepts as having documents in place, having family discussions about testamentary dispositions and bringing in the skill sets of advisors. There are still clients who may well have issues of actually incurring gift or estate...
by Arthur Geffen | Aug 13, 2020 | Estate Attorney, Estate Planning
For some, now may be the best time to take advantage of estate planning for tax mitigation. With record high gift and estate tax exemption, near record low interest rates, and depreciated assets as a result of the pandemic, Americans are in a unique position to take...
