The federal tax code has very specific rules about how much you are allowed to give to others each year—and over the course of your lifetime—in the form of a gift. But not every gift is subject to tax. Learn how you can avoid gift tax via tuition and medical exemptions.
40% estate tax could apply to gifts over approximately $6.4 million come 2026. Many families with high net worth will need to reevaluate their estate plans and adjust strategies to preserve their property and investments. One strategy is to take advantage of the deceased spousal unused exclusion amount (DSUEA)
If you're fortunate enough to have a winning lottery ticket, it is important to carefully consider how you want to handle your unexpected windfall. There is an unfortunate pattern of lottery winners blowing their new wealth. You don't want to be one of them, even if your prize is much smaller than those mentioned.
If you're looking to move overseas, taxation and estate planning issues need to be considered. Escaping Uncle Sam is not as easy as hopping on a plane to a far-flung location. Americans living overseas retain financial obligations to the US government. Expatriates who live and own assets in more than one country need an estate plan that reflects their international life.
Gift and estate tax consequences can threaten this goal of sharing wealth. By crafting a comprehensive estate plan, we can address these concerns and protect high-net-worth clients from excess taxes. The following three types of trusts may assist high-net-worth clients in sharing their wealth in a tax-advantageous way.
