Update on Transfer Taxes for 2022
January 31, 2022
Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.
Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.
In general, the best reason to establish a charitable trust, is if you would like to create a long-standing form of charitable giving.
Revocable Living Trusts have become a widely used estate planning document, providing a path to managing assets, avoiding probate and gaining privacy at the settlement of an estate.
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
Do you have to pay taxes on inheritance?
The administrators of the late musician’s estate recently settled a complicated dispute with the Internal Revenue Service over the value of Prince’s assets. The precise value was undisclosed, however, it could exceed $100 million.
The new, buzzy Netflix documentary on the late, beloved, iconic public broadcasting TV host, painter Bob Ross—“Bob Ross: Happy Accidents, Betrayal and Greed”—documents how the artist’s son, Steve, now 55, was allegedly robbed of his late father’s inheritance by the artist’s business partners.
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning.
Last week, Bruce Springsteen made headlines for selling his entire music catalog to Sony Music Entertainment in a reportedly $500+ million deal. A number of fans are now asking, “Why did Bruce Springsteen sell his music rights?
Millennials are finally embracing one of the cornerstones of adulthood, by writing their wills.
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