The upcoming November election may bring tax changes that impact your estate planning. Tax increases may be needed to raise revenue, including for the COVID-19 federal stimulus spending. Estate and Gift tax increases would surely be considered because they mostly affect wealthy taxpayers, and not those struggling due to the pandemic and its economic impacts. […]

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19. Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. This is an update on the tax-related provisions in the Coronavirus Aid, Relief, […]

IRS simplifies procedure for Extension to make Portability Election In June 2017, the IRS issued a Revenue Procedure that allows certain Estates to make a late portability election without first filing a ruling request. “Portability” is a useful tax law provision that permits a surviving spouse to take advantage of the deceased spouse’s unused combined […]

Planning your estate around gifts of specific assets is risky and, in most cases, should be avoided. If you leave specific assets – such as a home, a car or stock – to specific beneficiaries, you could end up disinheriting someone else.