Tag: estate tax
Why Should You Prepare Now for 2026 Estate Tax Changes? | Illinois
Posted on September 13, 2024
Estate planning is rarely ever a “one-and-done” task. Estate plans must be revisited whenever there is a significant change in your life, including marriage, divorce, birth, a change in financial status, or a change in residence. Estate plans should also be updated when federal or state laws change. The Tax Cuts and Jobs Act of 2017 includes exemptions that expire in 2026. Under the TCJA, the lifetime estate and gift tax exemptions were significantly increased, but they will expire on January 1, 2026, unless new legislation leaves them in place. […]
How Can Dynasty Trusts Be Used to Protect and Transfer Assets?
Posted on July 3, 2024
People and families with a high net worth will want to make sure they take the correct steps to protect their assets and transfer them to future generations as efficiently as possible. Dynasty trusts offer a powerful solution for doing so. They can secure wealth, protect against financial losses, and ensure that assets are transferred to heirs correctly. An attorney who is experienced in estate planning for wealthy families can help ensure that dynasty trusts are created and managed correctly. What Are Dynasty Trusts? A dynasty trust, also known as […]
Report: Wealthy Americans Are Changing Their Estate Plans Over Concerns of Tax Increases
Posted on October 15, 2020
A few weeks ago, a post on this blog discussed former Vice President Joe Biden’s plans regarding the United States Tax Code if he were to be elected president in this year’s general election. Of course, with every new presidential administration comes certain changes to the nation’s tax policies. With this in mind, Mr. Biden’s campaign maintains that his policies would not raise taxes on anyone making less than $400,000 per year. But, what about those who make over $400,00 per year? In short, they stand to be the most […]
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