by Arthur Geffen | Sep 5, 2018 | Estate Planning, Estate Planning Solutions, Intestacy
The vast majority of folks are no longer exposed to the federal estate tax, thanks to today’s ultra-generous $11.18 million exemption for singles or effectively $22.36 million for married couples. Great! But being exempt from the federal estate tax is not the...
by Arthur Geffen | Aug 30, 2018 | Estate Planning, step up
Traditionally, due to lower estate tax exemption amounts, many married couples would use bypass trusts or credit shelter trusts as part of a typical estate plan. For example, on the death of the first spouse, assets in that spouse’s revocable trust would be...
by Arthur Geffen | Aug 29, 2018 | Estate Tax, Income Tax, Life Insurance
You may think that life insurance is tax-free. Unfortunately, the “no tax on life insurance” idea is only partly true: Life insurance is income tax-free. In other words, recipients of a decedent’s life insurance policy do not have to pay income tax on that sum....
by Arthur Geffen | Aug 28, 2018 | Deductions, Gifts
The 2017 Tax Act, passed into law in December, is one of the most complicated new laws in tax history. In addition to changes that affect individuals and businesses, there are also noteworthy changes that will impact charitable giving. Smart Business spoke with...
by Arthur Geffen | Aug 14, 2018 | Income Tax
The Kiddie Tax, enacted as a result of the Tax Reform Act of 1986, was originally put in place to prevent wealthy parents from shifting income-producing securities to children in lower or zero tax brackets. This seemingly negative intent of the law has led to a...
