By a vote of 51-49, the Republican majority in the United States Senate passed an overhaul of the federal tax code. The U.S. House of Representatives already passed its own version of “tax reform.” With the Senate advancing its own version of the legislation, the chances of sweeping tax reform becoming law have increased dramatically.
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One of the biggest fears older Americans have is becoming a “burden” on their loved ones later in life. They do not want to place financial strain on their children, siblings, or other relatives. This is why it is so important to have a plan in place for long term care before you actually need
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You may have heard about the estate tax on big news networks and the possibility that this tax would be repealed by Congress. However, it is important to understand that there are two estate taxes – a federal estate tax and a state estate tax. This means a repeal of the federal estate tax would
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In estate planning, there is an emphasis on financial assets, home property, and power of attorney. However, there needs to be an emphasis on effectively passing on family heirlooms. In fact, many disputes concerning an estate do not center on financially-valuable items, but rather treasured family possessions. Think of it this way: money can be
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One of the most heavily discussed aspects of tax reform proposals currently being debated in Congress is the repeal of the federal estate tax (also commonly referred to as the “death tax”). The Senate majority recently unveiled the Tax Cuts and Jobs Act. This piece of legislation would not eliminate the estate tax entirely. Instead,
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The House Committee on Ways and Means, along with the Senate Finance Committee, recently released their proposed framework for tax reform and it includes an outright repeal of the federal estate tax and generation-skipping transfer tax. In addition repealing the federal estate tax, the proposed legislation would eliminate personal exemptions and a myriad of itemizable
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Everyone, no matter their age or net worth, needs to have an estate plan. Why? Because an estate plan provides guidance to your loved ones on how your assets are to be distributed when you pass away. If you do not leave behind an estate plan, you are essentially leaving your property and heirlooms in
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This estate planning vehicle, which is sometimes also known as a bypass trust or a credit shelter trust, can save literally tens of thousands of dollars in taxes. When one spouse dies, all his or her property goes tax-free to the surviving spouse, thanks to the marital deduction. Unfortunately, this transfer also means that the
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