As a result of the current estate tax exemption amount ($12.92 million in 2023), many people are no longer concerned with federal estate tax. This article points out that before 2011, a much smaller dollar amount resulted in many people attempting to avoid estate tax. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for heirs. A sidebar briefly looks at certain exclusions or discounts.
The COVID-19 pandemic and its aftermath have significantly affected our lives in many ways that are still playing out. For example, the pandemic has served as a reminder of how difficult an unexpected medical crisis may be to manage financially. This article explores the pros and cons of one potential safeguard against such risk: long-term care insurance.
Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in the way partnerships and partners are taxed.
Divorce is a difficult process for everyone involved. That’s why being clear and organized when it comes to finances can help facilitate the process. The first step is generally to compile a marital balance sheet. This brief article discusses this step and what it involves.