Although the Roth IRA is often touted for the unique combination of benefits it offers to retirement savers, some of its perks often go overlooked. Here are four that you should know about.
Under a tax-law exception for 529 plans this year, clients can make a lump-sum 2021 gift of up to $75,000 to fund a 529 college savings account for a child or grandchild (or any other college-bound individual) and claim a federal gift tax exclusion for the full amount.
Picasso, Monet and Dalí are among the assets South Korea’s richest family is parting with, as it prepares to pay one of the largest inheritance tax bills in history.
Lawyers for a woman who says she is the sister of the late Charles Manson told a Los Angeles judge today that their client will join two others in bidding to administer the estate of the infamous cult leader, a field which already includes a man who claims to be Manson’s grandson.
People who need aid covering the financial costs of funerals for loved ones who died of COVID-19 may be eligible for up to $9,000 in assistance from the federal relief legislation that was enacted in March.
The estate tax exemption raised by the Tax Cuts and Jobs Act will sunset in five years—possibly sooner, as the new Congress gears up for a Biden tax overhaul.
Knowing when life insurance is taxable and how to avoid taxation can help families ensure their loved ones get all of their policy’s proceeds.
While memorials and tributes continue to pour in, one thing is clear: Prince Philip had clearly defined wishes regarding how he wished to pass, as well as his funeral plan.
The increase in the exemption is set to lapse after 2025. However, the Treasury Department and the IRS issued “grandfather” regulations in 2019 allowing the increased exemption to apply to gifts made while it was in effect, if Congress lowers the exemption after those gifts.
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