Marriage will eventually come to an end either through divorce or the death of a spouse. A prenuptial agreement can play an important role in both circumstances, as it may waive certain statutory rights to which a surviving spouse would otherwise be entitled under...
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Posts for 'Taylor Ferrara'
Automatic GST Allocation: Helpful Shortcut or Costly Mistake? Five Challenges Posed by Automatic Allocation
The Generation-Skipping Transfer (GST) tax was created to prevent families from avoiding estate taxes by transferring wealth directly to grandchildren. While automatic GST allocation rules were introduced to simplify the process, they can create unintended consequences. From inflexible allocations to mismatches with estate planning goals, relying on these defaults without careful oversight can lead to wasted exemptions and unexpected tax liabilities. Understanding the risks is key to preserving wealth across generations.
Historically High Lifetime Gift Tax Exemption Amount: Take Advantage Before It Is Too Late
On December 22, 2017, Congress passed the Tax Cuts and Jobs Act of 2017 (the “Act”), which allowed for an increase in lifetime gift tax exemption amount (“lifetime exemption amount”). In 2024, the lifetime exemption amount increased to $13,610,000. However, this...
Is Your Last Will and Testament Current?
A Last Will and Testament is an essential document for an estate plan; however, many people delay in executing one due to common misunderstandings. A Last Will and Testament is a way to make sure your belongings and wishes are handled the way you want, even if you are...
Quit Procrastinating, Reduce Tax Liabilities!
Many individuals may overlook the potential estate tax consequences of owning a valuable primary residence or vacation property. Without proper planning, these assets could significantly increase the value of the individual’s taxable estate and result in higher estate...
SECURE ACT 2.0: Congress Rewrites the Rules of Retirement
The lack of retirement preparation and concern among Americans has captured the attention of Washington policymakers. On December 29, 2022, President Biden signed a $1.7 Trillion budget bill, which included a substantial number of changes/modifications to the original...
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