Posted on: June 3, 2024
The U.S. Department of the Treasury has released its General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals. Commonly referred to as the Greenbook, this document lays out tax proposals that would support President Biden's policy priorities if he is reelected to a second term. This year's Greenbook primarily focuses on increasing taxes on […]
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Posted on: May 13, 2024
The Internal Revenue Code assesses a tax (gift or estate) on transferring money or property from one person to another during life or at death, with some exceptions. One example is the Self-Canceling Installment Note, which we will discuss in this post. If you own accounts or properties worth a lot of money and expect […]
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Posted on: January 25, 2024
Emily's Journey into Estate Planning Emily, a successful Austin-based engineer and mother, faced a crucial challenge: securing her family's financial future. Like many high-income professionals with minor children, she sought a reliable way to manage her estate. Her exploration led her to discover the value of an Irrevocable Life Insurance Trust (ILIT). Understanding ILITs An […]
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Posted on: January 15, 2024
Austin's High-Earning Families and the Potential Shift in Estate Planning As Austin's estate planning specialists, we're at the forefront of advising affluent families—particularly those married professionals with young dependents and substantial incomes—on safeguarding their assets. With discussions swirling about potential estate tax increases, it's prudent to consider proactive strategic estate planning moves now. The Current […]
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Posted on: December 17, 2023
As families in Austin enjoy the vibrant holiday lights at the JW downtown, their conversations often turn toward a less festive but critically important topic: the impending changes in estate tax exemptions set for 2026. For high-income parents with minor children, understanding and preparing for these changes is essential in navigating the 2026 estate tax […]
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Posted on: November 29, 2023
In the complex world of estate planning, understanding the nuances of different trusts and their tax implications is crucial for modern families, especially those balancing the care of minor children and aging parents. With myriad options available, it's essential to navigate this landscape wisely to ensure your family's financial security and compliance with the law. […]
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Posted on: November 26, 2023
Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts to […]
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Posted on: November 16, 2023
Navigating the intricate terrain of estate and gift tax exemption planning strategies is paramount for the astute investor, particularly within the dynamic financial thresholds that define our present economy. As we edge closer to the sunset provisions of the Tax Cuts and Jobs Act, the impetus to harness the full potential of the available $12,920,000 […]
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Posted on: October 11, 2023
There are many reasons, however, to incorporate asset protection trusts into even the simplest estate plan–especially in the context of passing assets to children and grandchildren.
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