How can you reduce taxes by removing assets from your estate? In this episode, Partner Michael Clear answers this question, highlighting several gifting strategies to shift wealth out of a taxable estate. Michael touches on strategies like making annual exclusion
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Form 706 vs. Form 1041: What is Deductible?
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the
Form 706 vs. Form 1041: What is Deductible?
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the
Estate vs. Income Tax: What is Deductible?
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the
Form 706 vs. Form 1041: What is Deductible?
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the
Form 706 vs. Form 1041: What is Deductible?
Navigating the tax landscape during estate administration is like solving a complex puzzle with each piece representing opportunity and risk. One challenge is determining where key expenses can be deducted – on the estate tax return (Form 706) and/or the
Grantor Retained Annuity Trusts (GRATs)
GRATs Allow Transfer of Wealth Outside Your Estate With Minimal or No Gift Tax
Now is a good time to consider wealth transfer strategies that remove assets from your taxable estate. A common strategy is a grantor retained annuity trust,
Enforcement of the Corporate Transparency Act is Blocked Again
In a dramatic turn of events, a Fifth Circuit panel has reinstated the nationwide injunction blocking enforcement of the Corporate Transparency Act (the “CTA”) just three days after a separate panel of the Fifth Circuit had lifted it.
Thus, for
CTA Update – Injunction Lifted – Deadline to File Now January 13
The nationwide injunction enjoining the Corporate Transparency Act (the “CTA”) was lifted by order of the United States Court of Appeals for the Fifth Circuit on December 23, 2024. This ruling notably impacts reporting companies subject to the CTA that
The Art of Planning Ahead: Five Estate Planning Considerations for Art Collectors
Art is a unique asset. A piece of artwork may have incredible personal significance to the collector and the collector’s family. It may also be a lucrative investment and a significant estate asset. In the event of a collector’s death,