Estate Planning with Qualified Small Business Stock (QSBS)
The new tax law enhances the benefits
Qualified Small Business Stock (QSBS) can be a powerful tax and estate planning tool, enabling eligible business owners — and their heirs — to exclude up to 100% of the capital gain when they sell their stock. The One Big Beautiful Bill...
Estate Planning Red Flag – You and Your Spouse Failed to Properly Plan for Exemption Portability
In estate planning, “portability” refers to a provision in federal estate tax law that allows a surviving spouse to use any unused portion of his or her deceased spouse’s federal gift and estate tax exemption. This option can be especially powerful because it allows wealth to pass more efficiently between spouses without...
It’s Time to Review Your Estate Plan – The One Big Beautiful Bill Act changes the gift and estate tax exemption
The One Big Beautiful Bill Act (OBBBA) has made the gift, estate and generation-skipping transfer (GST) tax exemptions permanent. This brings a great deal of certainty to estate planning. And now even fewer taxpayers need to worry about these taxes. However, this doesn’t mean estate planning isn’t critical.
Gift...
Intrafamily Loans vs. Trust Loans
Two methods for providing financial help to a loved one
If a relative needs financial help, you can offer an intrafamily loan. However, if it’s not properly executed, such a loan can carry substantial negative tax consequences. Also, if you lack liquid assets, an intrafamily loan may not be...
Handle an Inherited IRA With Care
An inherited IRA can be a welcome financial windfall. But the rules governing required minimum distributions (RMDs) from these tax-deferred accounts are complex. IRA recipients should familiarize themselves with these rules to avoid potentially costly tax mistakes.
End of the “stretch” IRA
Until relatively recently, IRA...
Now’s the Time to Review your Generation-Skipping Transfer Tax Exposure
Absent congressional action this year, the federal gift and estate exemption and the generation-skipping transfer (GST) tax exemption (currently $13.99 million) are scheduled to return to their pre-2018 levels of $5 million (around $7 million when adjusted for inflation) beginning in 2026. So, it’s a good idea to consider strategies for taking...
Estate Planning Red Flag – You Don’t Understand the Rules when Splitting Gifts with your Spouse
Here’s a quick estate planning tip: one of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax exclusion. For 2025, you can transfer up to $19,000 per recipient gift-tax-free. And you can double the exclusion to $38,000 per beneficiary if you elect...
Revisit Your Buy-sell Agreement in Light of the U.S. Supreme Court’s Connelly Decision
Buy-sell agreements are essential estate and succession planning tools for many family businesses and other closely held companies. These agreements, among other things, ensure that the business stays within the family or other ownership group.
Typically, this is accomplished by providing that if an owner dies or leaves the...
Understanding the ins and outs of a Family Limited Partnership
A family limited partnership (FLP) is an estate planning tool that offers various benefits. These include centralized management of family assets, the ability to transfer wealth without ceding control, reduced gift and estate taxes, income tax savings, and asset protection. Let’s take a closer look at how an FLP works.