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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

Lifetime income? Tax deferral? What you should know about annuities

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  Whether it’s lifetime income, tax deferral or the prospect of protection from falling markets, an annuity can sound like a good idea for many investors. But clients ought to bring plenty of questions and some skepticism to the table before they commit. “We know that there are people in this industry who have annuities in their bag, and if you have a hammer, everything looks like a nail,” said Skip Schweiss, managing director of retirement plan solutions and advisor … Continued

Don’t Forget The Tax Side Of Wealth Transfer Planning-IF YOU LIVE IN A STATE THAT STILL HAS ESTATE OR INHERITANCE TAX

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  Estate planning, wills and who gets what after a benefactor passes away often figure highly in advisory talks. But taxes should also concern advisors when it comes to passing on wealth. For instance, the new federal estate and gift tax lifetime exemption of $11.4 million per person ($22.8 million per married couple) has made federal estate tax a low priority for many. “One needs to be mindful of state estate taxes as well,” said Dean Mioli, director of investment … Continued

Unvaccinated teen who sued over ban from school contracted chickenpox; his appeal is still pending

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  A Kentucky teen banned from his high school because he didn’t get vaccinated for chickenpox can return to the classroom, but the reason doesn’t stem from his religious freedom case. Jerome Kunkel, 18, can return to class because he contracted chickenpox, he won’t be contagious and he has immunity, his lawyer, Christopher Wiest, told several publications. The Washington Post reported that Kunkel returned to class Monday. Other publications with stories include the Cincinnati Enquirer, NBC News and CBS News. … Continued