LEGAL UPDATES

Stepped-up basis rules can ease the income tax bite of an inheritance

With the federal gift and estate tax exemption amount set at $13.99 million for 2025, most people won’t be liable for these taxes. However, capital gains tax on inherited assets may cause an unwelcome tax…

It may be in your best interest to file a gift tax return

If you’ve given a significant financial gift to a family member, you may wonder whether you’re required to file a gift tax return. Even if no tax is due, filing Form 709, United States…

A revocable trust can be a versatile tool in your estate plan

A revocable trust (sometimes referred to as a “living trust”) is a popular estate planning tool that allows you to manage your assets during your lifetime and ensure a smooth transfer of those assets…

The ins and outs of relocating your trust to a tax-friendlier state

It’s not uncommon for people who live in states with high income taxes to relocate to states with more favorable tax climates. Did you know that you can use a similar strategy for certain…

Ensure you’re properly documenting your charitable donations

If you’re charitably inclined and itemize deductions, you may be entitled to deduct charitable donations. The key word is “may” because there are requirements you must meet. One such requirement is the need to…

Business owner? A buy-sell agreement should be part of your estate plan

If you hold an interest in a business that’s closely held or family owned, a buy-sell agreement should be a component of your estate plan. The agreement provides for the orderly disposition of each…

What are the duties of an executor?

A key decision you must make when drafting your estate plan is who to appoint as the executor. In a nutshell, an executor (called a “personal representative” in some states) is the person who…

The Corporate Transparency Act and Beneficial Ownership Reporting Requirements

The Corporate Transparency Act (CTA) was established to help combat terrorism, money laundering, tax abuse, and other financial crimes. Since its implementation in January 2024, litigation and administrative rulemaking related to the CTA…

If you’ve inherited an IRA, you need to know about these new final IRS regulations

A tax law change in 2019 essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years. Since then, there’s been…

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