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Estate Planning

Family business focus: Addressing estate and succession planning

ESOP Employee Stock Ownership Plan, Estate Planning, Family Business, FLP (Family Limited Partnership), Gift and Estate Tax, Succession Plans, Trust /

The future often weighs heavier on the shoulders of family business owners. Their companies aren’t just “going concerns” with operating assets, human resources and financial statements. The business usually holds a strong sentimental value and represents years of hard work involving many family members. If this is the case for your company, an important issue […]

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The advantages of a living trust for your estate plan

Estate Planning, Federal Estate Tax, Federal Taxes, Living Trust, Trust /

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer significant benefits, especially if your goal is to avoid probate

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Understanding the “step-up in basis” when inheriting assets

Assets, Estate Planning, Inheriting Money, Taxes and Tips /

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is

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Planning for the future: 5 business succession options and their tax implications

Captial Gains, Closely Held Corporations, Employees, ESOP Employee Stock Ownership Plan, Estate Planning, Estate Tax, Federal Estate Tax, Federal Gift Tax, Federal Taxes, Gift and Estate Tax, Small Business, Small Business Owners, Succession Plans, Taxes and Tips, Trust /

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different

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Maximize your year-end giving with gifts that offer tax benefits

Estate Planning, Estate Tax, Federal Gift Tax, Gift and Estate Tax, Gift Tax, Tax Savings /

As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or

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C Corporation, Capital Gains, Estate Planning, Limited Liability Partnership (LLP), LLC, Pass Through Taxation, Past-Through Entities, Real Estate, Small Business, Small Business Owners, Small Business Tax Tips /

Does your business require real estate for its operations? Or do you hold property titled under your business’s name? It might be worth reconsidering this strategy. With long-term tax, liability and estate planning advantages, separating real estate ownership from the business may be a wise choice. How taxes affect a sale Businesses that are formed

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Planning your estate? Don’t overlook income taxes

Capital Gains, Estate Planning, Estate Tax, Federal Estate Tax, Gift and Estate Tax /

The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before 2011, a much smaller exemption resulted in many people with more modest estates attempting to avoid it. But since many estates won’t currently be subject to estate

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Watch out for “income in respect of a decedent” issues when receiving an inheritance

Estate Planning, Estate Tax, Income In Respect Of A Decedent (IRD), Income Tax, Inheriting Money /

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If

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Plan now for year-end gifts with the gift tax annual exclusion

Estate Planning, Estate Tax, Gift and Estate Tax, Gift Tax /

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate, within generous limits, without triggering any

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Look carefully at three critical factors of succession planning

Estate Planning, Merger & Acquisition, Small Business, Small Business Owners, Small Business Tips, Succession Plans /

The day-to-day demands of running a business can make it difficult to think about the future. And by “future,” we’re not necessarily talking about how your tax liability will look at year-end or how you might grow the bottom line over the next five years. We’re referring to the future in which you no longer

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