If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
[inlinetweet]Giving away assets during your life will help reduce the size of your taxable estate[/inlinetweet], which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).[ … ]
A. Being named an executor in a will can be an honor and allow you the opportunity to handle your loved one’s final wishes. But it can also be a large responsibility, depending on the size of the estate and the number of heirs. There are various steps you need to take if you are[ … ]