Tag Archives: assets
Federal Estate Tax Exemption Bumped Up for 2023
If you have a high net worth, there is good news for the new year: the IRS has increased their estate tax exemption for the year 2023. There are also higher thresholds for tax-free gifts, which can make a big difference in how and when you decide to distribute your assets. Here is what you […]
How Personal Representatives Locate Assets
When a loved one dies, you might be named as personal representative. It is the personal representative’s responsibility to locate their assets so they can be distributed according to the will. Here is a quick guide to locating assets: What kind of documents must be located? Generally, the personal representative needs to look for a […]
Are Assets in a Living Trust Taxable?
One of the many reasons people create living trusts is to maximize their assets’ value by avoiding taxation. However, not all living trusts will protect your assets in these situations, so it is important to understand the differences between a revocable and irrevocable trust. Below is quick overview of the main categories of living trusts […]