The 2020 Election and the Effect on Current Gift, Estate and Generation-Skipping Transfer Taxes - Due to the election results and President Joe Biden taking Trump's position in the Oval Office, conversation continues to grow surrounding the area of taxes and estate planning. As many are …
Taxes
How Are Trusts Taxed?
How Are Trusts Taxed? - A trust can be a powerful estate-planning tool, but contrary to popular belief, trusts do not make all taxes disappear. The families who set them up still need to consider tax consequences. To start with, trust beneficiaries typically need to pay tax on the interest income …
Major Changes Come to Kiddie Tax
The SECURE Act's fix to the TCJA glitch — that's how Forbes describes what's been going on with the football that is called the Kiddie Tax. When the Tax Cuts and Jobs Act changed the way the Kiddie Tax was figured, it caused a lot of concern for families with children with unearned income. The fix …
Filing Taxes for the Deceased
Death doesn't cancel a final responsibility: paying income taxes. A decedent's executor must file one last income tax return for the deceased if the deceased's income surpassed a certain threshold. Even if a return isn't required, a return may be necessary anyway to obtain a refund. The …
What to Do When You Inherit
You want to be wise about investing your new inheritance. After all, it's a windfall and you may be thinking about putting it into taxable accounts or property assets. But take a step back to consider some tips on what to do. Resolve taxes There's a difference between estate taxes and inheritance …
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