People pay many different kinds of taxes. You file an income tax return every spring, pay sales taxes when you buy things and pay property taxes if you own a home. These taxes apply to nearly everyone.
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.
President Biden’s proposal to eliminate the step-up for calculating inheritance taxes targets a tactic that has long been a wealth-preservation tool. What are some of the ramifications of the proposal and what, after political wrangling, could be the tax implications for large inherited assets?
Increasing tax changes for the wealthy are coming, and motivation to find ways to protect the wealth is getting increased attention, according to a recent article from CNBC entitled “Here’s how to reduce exposure to tax increases with charitable contributions.” Charitable remainder trusts (CRTs) and Donor Advised Funds (DAFs) are options for people who are…
On August 19th, the Minnesota Tax Court ruled in favor of husband and wife taxpayers who were found to have domicile in two separate states:
3000 County Road 42 W. Suite 310
Burnsville, MN 55337
