Planning your estate? Don’t overlook income taxes

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Planning your estate? Don’t overlook income taxes

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July 10, 2024 ,

estate income tax

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate tax, it’s a good time to devote more planning to income tax saving for your heirs.
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Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

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July 11, 2023 , ,

estate tax basis planning

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

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Don’t forget income taxes when planning your estate

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September 20, 2022 ,

estate tax

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

Continue Reading: Don’t forget income taxes when planning your estate

Your estate plan: Don’t forget about income tax planning

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June 14, 2022 , ,

Estate tax

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

Continue Reading: Your estate plan: Don’t forget about income tax planning

Factor in taxes if you’re relocating to another state in retirement

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November 2, 2021 , ,

relocate

Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes. Establishing residency for state tax purposes may be more complicated than it initially appears to be.

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How to ensure life insurance isn’t part of your taxable estate

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March 30, 2021 , , , , ,

taxable life insurance

If you have a life insurance policy, you may want to ensure that the benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to federal estate tax.

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Why it’s important to plan for income taxes as part of your estate plan

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September 29, 2020 , , ,

estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted to saving income taxes for your heirs.

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Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

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June 24, 2019 , , , , , ,

New State Taxes after Retirement

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be.
Continue Reading: Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes