Take action now to reduce your 2023 income tax bill
Concerned about your 2023 tax liability? Consider these year-end tax planning strategies.
Tag: estate planning
Does your family business’s succession plan include estate planning strategies?
Are you a family business owner who needs to work on your succession plan? Be sure to consider whether, and when, you want to give up control of the company.
There’s currently a “stepped-up basis” if you inherit property — but will it last?
Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
Why it’s important to plan for income taxes as part of your estate plan
With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
Take advantage of a “stepped-up basis” when you inherit property
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.
Can I Use a Qualified Residence Trust for a Vacation Home?
Yes. Many people with second homes want them to stay in the family but also want to limit estate and […]