Category Archives: Transfer Tax
Significant Proposed Estate Planning Changes Seem to Be Disappearing
When you closely monitor estate planning changes for almost 20 years you learn to not overreact. There seems to always be a significant proposed change in the law that may affect estate planning. 2021 was no exception. Three major proposed changes were included in President Biden’s Build Back Better plan: Reducing the estate tax… Read More »
How to Avoid U.S. Gift and Estate Taxes When Becoming a U.S. Resident Alien or U.S. Citizen
If you intend on becoming a U.S. Resident Alien or U.S. Citizen in the future, it is important to consider the need to avoid U.S. gift and estate taxes now. Once you become a U.S. Resident Alien or U.S. Citizen for gift and estate tax purposes, many of your estate planning opportunities will be… Read More »
Adding Your Child to Title on Your House to Avoid Probate – Good Idea?
Should You Add Your Child to Title or House Deed to Avoid Probate? The simple answer is no. First, let’s discuss why many of you are considering adding your child to title. Someone, perhaps an estate planning attorney, has told you that when you die, your assets go through probate. There are certain assets… Read More »
Changes to Estate Planning in 2016: What Orange County Residents Need to Know
2016 Estate Tax Rates What are the changes to estate planning in 2016? The American Taxpayer Relief Act of 2012 (the “Act”) made the following permanent: (1) the reunification of the estate and gift tax regimes, (2) the $5 million estate, gift and generation-skipping transfer (“GST”) tax exemptions, as increased for inflation (as discussed… Read More »
Tax Free Gifts
Each donor may give $14,000 each year to each beneficiary, without any gift tax consequences. (Prior to 2002, this “annual exclusion” was $10,000, and from 2002 to 2005 it was $11,000, from 2006 to 2008 it was $12,000, and from 2009 to 2012 it was $13,000.) In addition, without gift tax, you can pay… Read More »
