Proposed Regulations Address “Clawback” Issue

The Tax Cuts and Jobs Act temporarily doubled the amount which can be given free of tax. However, that amount reverts to the permanent, undoubled amount in 2026. The estate tax ordinarily includes prior taxable gifts and then applies the exclusion to the total. However, in 2026 or later, this could result in a tax on amounts which weren’t taxable when gifted. This issue is the “clawback.” New Proposed Regulations resolve this issue. Read on to learn more.
The post Proposed Regulations Address “Clawback” Issue appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/estate-planning/proposed-regulations-address-clawback-issue/

Advertisements

How Are Trusts Taxed?

Trusts are useful vehicles both during life and after death. This article examines how trusts are income taxed. Grantor trusts are taxed to the grantor, regardless of whether the income is distributed to them. Nongrantor trusts are separate taxpaying entities but get a deduction for distributions to beneficiaries. Read the article to learn more.
The post How Are Trusts Taxed? appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/estate-planning/trusts-taxed/

Last Will vs. Living Trust

A Last Will and Testament is traditionally used to distribute estate assets in a simple estate plan. If your estate plan still uses a Will for its foundation, it might be time to consider another option – a trust. A trust can also be used to distribute estate assets after your death; however, a trust […]
The post Last Will vs. Living Trust appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/wills-and-trusts/last-will-vs-living-trust/

Naming a Trust as Beneficiary of an IRA

Whom should you name as the beneficiary of your IRA or Qualified Plan? Sometimes, it can be best to name a trust for your intended beneficiary. Read on to see the protections a trust can offer that a direct designation of the individual would not.
The post Naming a Trust as Beneficiary of an IRA appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/estate-planning/naming-a-trust-as-beneficiary-of-an-ira/

Prenuptial Agreements Can Provide Remarriage Protection

Requiring a prenuptial agreement before your spouse remarries can provide peace of mind and protect your spouse, your children, and their inheritance. If you leave your assets in a trust for your spouse and children, you can require your spouse obtain a prenuptial agreement before remarriage. This can protect your loved ones. Read on to find out more about prenuptial agreements.
The post Prenuptial Agreements Can Provide Remarriage Protection appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/estate-planning/prenuptial-agreements-can-provide-remarriage-protection/

Estate Planning is About More Than Taxes

Estate Planning addresses many concerns, not just taxes. It can protect beneficiaries from their own creditors, provide divorce and remarriage protection, and protect the benefits of children with special needs. Learn more about how Estate Planning can help protect your beneficiaries by providing privacy and other benefits.
The post Estate Planning is About More Than Taxes appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/estate-planning/estate-planning-is-about-more-than-taxes/

Aretha Franklin Died Intestate: What Does It Mean for Her Family?

Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider.
The post Aretha Franklin Died Intestate: What Does It Mean for Her Family? appeared first on Nirenstein, Horowitz & Associates P.C..

https://preserveyourestate.net/blog/estate-planning/aretha-franklin-died-intestate-what-does-it-mean-for-her-family/