Overhauling Estate Planning in 2026
Estate planning professionals agree that the upcoming 2026 changes create an opportunity for thoughtful updates rather than urgent or drastic overhauls.
What are the Federal and Gift Tax Exemptions for 2024?
The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.
What Is a ‘Step-Up’ in Basis in Estate Planning?
The “step-up” in basis has to do with the calculation of the capital gains on the sale of property.
What Is the Meaning of Step-Up in Basis?
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
2023 Gift and Estate Tax Exemptions Increase for Federal and Connecticut
The federal lifetime gift and estate tax exclusion will increase for 2023, with possible increases for 2024 and 2025. However, these high thresholds are only temporary, unless there is a change in tax law.
How Do I Gift a house to My Children?
Whether you own a cabin in the woods or a mansion at the beach, creating an estate plan will determine the best way to distribute a home to your children.
What Is the Primary Purpose of a Credit Shelter Trust?
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.