Gift and Estate Tax – DougFreemanCPA.com

Family business focus: Addressing estate and succession planning

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

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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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 / Douglas Freeman

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 / Douglas Freeman

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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Planning your estate? Don’t overlook income taxes

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

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

Estate Planning, Estate Tax, Gift and Estate Tax, Gift Tax / Douglas Freeman

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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There’s a favorable “stepped-up basis” if you inherit property

Estate Planning, Estate Tax, Gift and Estate Tax, Real Estate / Douglas Freeman

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? This is an important area and is too often overlooked when families start to put their affairs in order. Under the fair market

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Answers to your questions about 2023 limits on individual taxes

2022 Tax Return, 401K, Domestic Workers, Federal Gift Tax, Federal Tax Deductions, FICA, Gift and Estate Tax, Inflation, IRA, Itemized Deduction, Tax Deduction / Douglas Freeman

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension). However, it’s a good time to familiarize yourself with tax amounts that may have

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Does your family business’s succession plan include estate planning strategies?

Estate Planning, Federal Estate Tax, FLP (Family Limited Partnership), Gift and Estate Tax, Trust, Uncategorized / Douglas Freeman

Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to

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Don’t forget income taxes when planning your estate

Estate Planning, Estate Tax, Federal Estate Tax, Gift and Estate Tax, Income Tax / Douglas Freeman

As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates won’t be subject to estate tax, more planning can be

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Your estate plan: Don’t forget about income tax planning

Capital Gains, Estate Planning, Estate Tax, Federal Gift Tax, Federal Income Tax, Gift and Estate Tax, Gift Tax, Income Tax / Douglas Freeman

As a result of the current estate tax exemption amount ($12.06 million in 2022), many people no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted

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