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In keeping with campaign promises, he plans to pay for these plans by raising taxes on corporations and Despite this change, the plans – if enacted – could have major implications for estate planning. if not planned for carefully. Planning Implications Estate planning always hinges on your specific assets and goals, but there are If you are planning on making any gifts, it is a good idea to consult with an estate planning attorney

Americans are reconsidering their estate planning strategies following Joe Biden’s presidential election No matter what your plans are, keep these considerations in mind ahead of inauguration day: Gift and Estate Taxes This year, the gift and estate tax exemption amount remains at $11.58 million per person the capital gains tax. Under Biden’s plan, long-term gains and dividends may be taxed as ordinary income for those with a taxable

If you plan to retire in the next 20 years, you need to start looking at your options and plan to make created retirement plan usually includes a review of your estate plan and portfolio investments, tax Estate Planning. Tax Planning. Have a plan to pay off debts before retirement. Financial Review.

Withdraw money from tax-free Roth IRAs. You are required to pay income taxes in the year of the conversion, but you can use the funds tax-free This means taxes you don’t want to pay! Examine your tax moves. But don’t focus only on Social Security taxes—look at overall tax-efficiency.

Here are six tax planning considerations of interest to those over age 50 from Next Avenue’s recent post , “2016 Tax Planning Ideas for People 50+.” employer-sponsored plan like a 401(k) or an IRA. If you can afford to help send your children or grandchildren to college, a 529 plan is a tax-advantaged Reference: Next Avenue (February 26, 2016) “2016 Tax Planning Ideas for People 50+” #RothIRAs #AssetProtection

Income Taxes The IRS requires everyone to claim every source of income when they file a tax return, however Capital Gains Tax You have to pay capital gains taxes anytime a gain is achieved. Death Taxes There is a federal estate tax that applies to any asset transfer that is valued over $5.49 Some states also have an inheritance tax, but Texas does not. There are many legal ways to reduce the tax burden on your estate.

Fewer than half of adult Americans have estate planning documents. and A Wealth Transfer Plan.” and a wealth transfer plan. In addition, there can be problems with financial and tax planning and poor investing. Plan” #AssetProtection #EstatePlanningLawyer #WealthTransferPlan #Inheritance #Wills #Trusts

Earlier in the year, Senator Bernie Sanders proposed new legislation that could make waves in the estate planning “For the 99.5 Percent Act” was introduced, increasing the odds of sweeping federal estate and gift tax The proposed changes would significantly reduce the current federal gift and estate tax exemptions. This may potentially subject assets owned by the grantor to the estate tax. If you have been considering a grantor trust for your estate, now is the time to put your plans into

The estate tax is a tax on property transferred at your death, and recent changes in the tax laws have Its state estate tax exemption only goes up to $675,000. from having to pay tax. Talk with a qualified estate planning attorney about a sound estate planning strategy to help you reduce or eliminate potential “state” estate tax liability.

Reference: Billboard (May 27, 2016) “Whitney Houston Estate Challenges $11 Million Tax Bill” #estateplanning

According to the regulations.gov post “Estate, Gift, and Generation-skipping Transfer Taxes: Restrictions If these end up being the final regulations, taxpayers will lose an important estate planning technique , and the tax cost of transferring interests in family-owned entities will increase. Reference: regulations.gov (August 4, 2016) “Estate, Gift, and Generation-skipping Transfer Taxes: Restrictions

may mean you need to update your estate plan to help protect your assets even more than they already President Biden’s tax plan aims to reduce this number to $3.5 million, which is a significant drop that could leave many people with taxable estates without careful tax planning. Gifting early in your retirement or utilizing life insurance as an estate planning tool may be a good The Biden tax plan advocates limiting this annual exclusion to a once annual total of $15,000 – not $15,000