If you’re part of the baby boomer generation, you may be in the process of making plans to pass on any assets you have to your children and other beneficiaries.
More service members will soon qualify for a new allowance designed to help them put food on the table.
Studies suggest that millennials will inherit an astounding $68 trillion in the coming years, making them the wealthiest generation in history. While this may be great news for some, it also comes with significant tax implications.
Dependent care flexible spending accounts, which help defray the cost of child care by providing tax savings, are coming for active duty service members.
Part of the agency’s latest annual ‘Dirty Dozen’ scams, these potentially ‘abusive arrangements’ involve charitable remainder annuity trusts and monetized installment sales.
Knowing the tax rules can help you pass on more of your money to your loved ones while minimizing taxes.
President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.
Federal estate taxes were created in 1916, taxing estates valued at over $5 million. This amount changed to $50 million in 1932. In 1940, it dropped to $10 million, then $5, then $3. In 2002-2007 estates worth more than $2 million paid the tax.
Cryptocurrency has become a new wrinkle in the development of an estate plan.
What estate planners need to accomplish for their clients before Tax Day, as well as the regulatory changes they need to be aware of while preparing for the big day.