A major change in the federal estate tax was recently signed into law as part of what lawmakers dubbed the “One Big Beautiful Bill Act.” The legislation includes a permanent increase to the federal estate tax exemption, raising it to $15 million per individual (or $30 million per married couple with proper planning). This is […]
“One Big Beautiful Bill” and Estate Taxes: $15 Million Exemption Here to Stay Read More »
A recent case in Huron County Probate Court has raised an important question for estate planning attorneys and individuals involved in probate proceedings: Are disinherited heirs and estate creditors considered “interested parties” in probate matters? The court’s ruling suggests that the answer may be no—at least under certain circumstances. Read the full opinion of In
Are Disinherited Heirs Interested Parties in Probate? Read More »
The Ways and Means Committee’s recent report explores potential changes to tax policy that could impact estate planning strategies. These changes include modification of IRA rules, elimination of Head of Household filing status, reduction of the estate tax exemption, and repeal of the SALT deduction. These proposals could significantly affect how you plan for the
Proposed Tax Changes That Could Impact Estate Planning Read More »
The IRS has released adjustments to the estate tax exemption, annual exclusion for gift taxes, and the marginal tax rates for the tax year 2025. Below are some of the important tax adjustments. For more information, see the IRS publication here. Estate tax credits. For an estate of any decedent dying in calendar year 2025,
IRS Releases the 2025 Estate Tax Exemption Amount Read More »
In August, presidential candidate Kamala Harris disclosed some of her proposed tax policies. Kamala Harris’s proposal brings significant changes to estate planning that would increase taxes and substantially impact how individuals and families manage their wealth and plan for the future. This article covers a few of the proposed policies and their implications. To read
Kamala Harris Reveals Estate Tax Policies Including 55 Percent Estate Tax Read More »
With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. To put this in comparison, the federal estate and
Election Year Wealth Transfer Strategies Read More »
When a new, or incumbent, candidate is elected to become the next president of the United States of America, you can confidently assume that this new candidate will integrate their political agenda into the current tax code. Therefore, the United States tax code and many other relevant administrative rules are updated frequently to reflect the
The Importance of Reviewing your Estate Planning Documents during an Election Year Read More »
