If you own a family business, you eventually will have to decide when to step down, and then how to do it. Many estate planning tools can be used to transfer your business, but selecting the right one will depend, in part, on... Continue Reading
The IRS has issued the final estate and gift tax inflation adjustments for 2021: 1.) The gift tax annual exclusion amount will remain at $15,000; 2.) The estate and gift tax exemption has increased to $11.7 million;... Continue Reading
Under President Biden’s proposed changes in the estate tax law, the estate tax exemption would be reduced from $11.7 million per person to $3.5 million per person and the gift tax would be reduced from $11.7 million to... Continue Reading
Keep Heirs Informed While the executor has little legal obligation to coordinate and cooperate with heirs, it’s best practice to keep them informed of the overall situation, expected timelines, major decisions, asset... Continue Reading
Family conflict, sometimes even escalating into lawsuits, is somewhat common during the estate settlement process. Over 44% of respondents had experienced or were aware of such family conflict. For example, My wife’s family... Continue Reading