by Brian Hare, CPA, CGMA | Oct 13, 2017 | Tax
For many people today, income tax planning offers far greater tax-saving opportunities than gift and estate tax planning. A record-high gift and estate tax exemption — currently $5.49 million ($10.98 million for married couples) — means that fewer people are subject...
by Brian Hare, CPA, CGMA | Oct 13, 2017 | Tax
If a substantial portion of your wealth is tied up in a family or closely held business, you may be concerned that your estate will lack sufficient liquid assets to pay federal estate taxes. If that’s the case, your heirs may be forced to borrow funds or, in a...
by Brian Hare, CPA, CGMA | Sep 3, 2017 | Tax
Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it’s commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for...
by Brian Hare, CPA, CGMA | Jul 16, 2017 | Tax
Last month, the IRS issued a Revenue Procedure that simplifies the Portability election extension. This allows certain estates to make a late portability election without first filing a ruling request. Portability is a tax law provision that permits a surviving spouse...
