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.
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.
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.
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
How can you prepare your children to handle the assets they’ll eventually inherit?
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