An Introduction to Dynasty Trusts

When people create estate plans, they typically focus on handing down their money and property to their children, grandchildren, and other living heirs. But some people want to leave behind a more enduring legacy. For those interested in multigenerational wealth transfer, a dynasty trust could be the answer.

A...

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Generation-Skipping Transfer Tax

When it comes to federal taxes, most people are very aware of the federal income tax because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the...

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When a Gift May Not Be a Gift

It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS).

The federal tax code has very specific rules about how much you are allowed to transfer to others each year—and over the...

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How to Manage Your Basis “Step Up”

If you or someone you know has received an inheritance, it is important for you to understand how to manage your basis “step up.” A “step up” in basis is the adjustment of the value of an appreciated asset - for tax purposes - upon inheritance.

 

IRS Taxes

An executor who...

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