Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2024 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. Mr. Morrison, an experienced Louisiana wills and trusts attorney, is poised to create a comprehensive estate plan that fulfills your objectives for asset distribution. Join the ranks of our satisfied clients who have successfully met their estate planning … [Read more...]
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Getting Together with Family for the Holidays
The holidays are a special time for friends and family. We gather around the tree recalling past joyful times and we remember loved ones who are no longer with us. While we are gathered is a great time to pull loved ones aside and speak with them about your estate planning. If you’ve chosen a loved one to be your agent under powers of attorney or as successor trustee, make sure to let them know so it’s not a surprise if they are called upon to serve. Similarly, if you want someone to serve … [Read more...]
Double Your Gifting with Spousal Gift-Splitting
It may be possible to double your gifting by using spousal “gift-splitting.” Spouses may elect to split gifts made to others. If they do so, they must split all the gifts made by the other spouse to others for that year. For example, let’s say John made gifts of $30,000 to each of his five siblings, Aaron, Betty, Charlie, Darlene, and Ed. Let’s say the gifts qualify for the annual exclusion because they are of present interests. If John makes the gifts alone, then each gift of $30,000 would … [Read more...]
Gifts to Minors: Sharing Your Wealth the Smart Way
One way to reduce your estate tax bill is to give money away during your lifetime. If you are a parent or a grandparent, giving to the children in your life is a great way to accomplish this. By doing so, you can help your children or grandchildren build their financial futures, with tax savings as a natural by-product. With a top estate tax rate of 40%, this by-product can be quite significant. IRS rules limit how much you can give away each year without reducing your overall gift … [Read more...]
Income Tax Treatment of Gifts and Inheritances
At some point in our lives, most of us expect to give or receive gifts or inheritances. The circumstances surrounding the gifts or inheritances may be positive or negative. But the income tax treatment is the same. Income Taxation of Gifts and Inheritances. Gifts and inheritances are not taxed as income when they are received, nor are they deductible for the donor. While the transfer may be subject to a gift or estate tax, generally this is not the … [Read more...]
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