As part of Tax Cut and Jobs Act of 2017, the U.S. federal estate tax exemption amount increased to approximately $11.7 million per individual or $23.4 million per couple (for 2021). As a result, many families are no longer subject to this federal estate tax due to the high estate tax exemption amounts. However, several individual states impose their own estate or death taxes, and many have much lower estate tax exemption thresholds.
Living abroad has gained popularity for many U.S. citizens as they plan for how to spend their retirement years. Italy, an already popular retirement destination for many Americans, recently introduced a new tax incentive that may help further attract foreign retirees.
With Democrats in control of the Senate and House the likelihood of passing legislation in line with President-elect Biden’s agenda for estate plans has increased. While there are a number of proposed changes, there are two that are most significant. First, the amount of assets an individual can pass estate tax free to heirs may be substantially reduced. Second, capital gains taxes may be imposed on all estates with appreciated assets. This means that even individuals who are “not rich” will suffer some tax consequences at death.
The Coronavirus pandemic has impaired the personal and business balance sheets of many clients and caused them to rethink their plans for the future. Uncertainty and a diminished sense of financial security have crept into plans [...]
Disability insurance is a type of insurance that will provide income in the event a worker is unable to earn a living due to a disability. This type of insurance is important as individuals are significantly [...]
This paper is the second part of a two-part series. In the first part, we discussed the considerations involved in evaluating different pension options. As follow-up, this second part will discuss whether there is [...]
This paper is the first part of a two-part series. In the first part, we discuss the considerations involved in evaluating different pension options. As follow-up, the second part will discuss whether there is [...]
This is the second article in a Guide to Giving blog series by contributing editor Richard B. Freeman. Richard is a Senior Director, Wealth Advisor at Round Table Wealth Management and a member of [...]
This is the first article in a Guide to Giving blog series by contributing editor Richard B. Freeman. Richard is a Senior Director, Wealth Advisor at Round Table Wealth Management and a member of [...]
Federal estate taxes changed under the new tax law, resulting in substantially less taxes for individuals with estates greater than $5.49 million and couples with estates greater than $10.98 million. The Tax Cuts and Jobs Act more than doubles [...]
