An inheritance tax is a tax that is levied on distributions to each individual nonexempt inheritor when an estate is being administered. There is no federal inheritance tax, and there are five states in the union that have state-level inheritance taxes. States With State-Level Inheritance Taxes There are state inheritance taxes in Kentucky, Nebraska, Pennsylvania, […]
estate tax
Estate Planning: Revocable vs. Irrevocable Trusts
Estate planning can be complex, and understanding the differences between revocable living trusts (RLT) and irrevocable trusts is key to making informed decisions. Each type of trust serves unique purposes and offers different benefits and drawbacks. Let’s explore these differences to help you determine which trust best aligns with your estate planning goals. Revocable Living […]
2024 Estate Tax Exclusion Hike Announced
As we move towards 2024, you should pay keen attention to the recent updates by the Internal Revenue Service (IRS) regarding estate tax exclusions and gift tax exemptions. These changes offer significant planning opportunities and challenges for individuals with substantial estates. 2024’s Estate Tax Exclusion Increase: A Crucial Development The estate tax exclusion amount, which […]
New York Gift Tax: Estate Taxes Explained
Scenario: Imagine you’re planning your estate in New York. You’ve heard about various taxes but are unsure how they apply, especially when it comes to gifting assets to your loved ones. You wonder, “Is there a gift tax in New York? How does it affect my estate planning?” If you’ve asked yourself this question or […]
Deceased Former Zappos CEO Tony Hsieh Had No Estate Plan
Sometimes you can learn lessons from the estate planning mistakes that have been made by other people. As estate planning attorneys, we speak to a lot of surviving family members that tell us stories, but laypeople do not have the same sources of insight. However, when a high profile person passes away, the press will […]
Advanced Estate Planning: These Trusts Can Provide a Solution
When you are planning your estate, you may have some specific objectives and concerns that are somewhat outside of the norm. Unfortunately, there are many tools in the estate planning toolkit, and there are different trust that can be utilized to accomplish various objectives. With this in mind, we will look at two of them: […]
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