Inheritance Tax: What States Have It and When It Applies
Inheritance tax is a state-level tax that beneficiaries pay when they receive assets from an estate after somebody has passed away. The inheritance tax is distinct from estate taxes, but planning tools for avoiding or minimizing it, such as lifetime gifting and...
IRS Announces 2025 Gift and Estate Tax Exemptions
The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025. Annual Gift Tax Exclusion Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in...
Who Needs a Trust Instead of a Will?
Creating an estate plan can protect your loved ones and establish your legacy. With an estate plan, you can provide for your loved ones after your death, transferring to them such assets as your home, vehicle, bank accounts, and personal possessions, including...
What to Know About Rolling a 529 Account Into a Roth IRA
It used to be that there were only two options for what to do with unused funds from a 529 college savings plan: withdraw the money or save it for future qualified education expenses. As of 2024, however, you can now also roll over unspent funds from a 529 plan to a...
