In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.
It's hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family's leadership role and manage the family's transition of wealth.
Legislation introduced last week in the House of Representatives would reform the tax code in an effort to make long-term care insurance more affordable and accessible for older adults.
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
For those of us involved as care providers for someone having difficulty handling his/her own affairs, whether it’s a family member or not, requires that we have the legal authority to do what’s in that person’s best interest.
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Graber & Johnson Law Group, LLC is devoted to serving clients in the highly specialized areas of estate and business planning. Book a time to meet the Graber & Johnson Law Group Kansas Estate Planning Law Firm.