The tax reform framework recently released by the Trump Administration repeals both the generation-skipping transfer tax and the estate tax. While most of us are familiar with the latter, we want to introduce you to the convoluted and highly technical rule known by its initials GST.
The idea behind it is simple: It used to
Estate Tax & Inheritance Taxes
You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options.
“Death taxes” are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate
When people think of tax shelters, they sometimes think of Swiss bank accounts, shady overseas investments, or fraudulent or questionable activities by wealthy but unscrupulous businessmen. That is an unfair characterization.
The TurboTax website sums it up nicely – “A tax shelter is any legal strategy (that) you employ to reduce the amount of income
Does your ability to pass on your wealth to your heirs depend on where you live … and die? Indeed it does. Federal estate taxes apply no matter where you live within the U.S., but eighteen states subject their citizens to estate taxes or inheritance taxes. The difference between the two is that estate taxes