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The terms estate tax and inheritance tax are often used as the same thing, but there are differences. Knowing the distinction could have a big impact on your future beneficiaries, or the assets you inherit if you are the beneficiary.
Probate involves a lot more than just getting assets to the right beneficiary. It also means accounting for any tax obligations for the estate, the executor, and potentially even the beneficiaries.
Getting a notice from the Internal Revenue Service (IRS) can feel serious, especially when it involves an in-person meeting or deeper review. These situations often begin with something specific, such as missing information, unusual deductions or mismatched records....
Tax issues can make probate complicated and can impact your total inheritance. Executors have to understand their obligations as do beneficiaries. If you’re in the middle of a probate in California, having an attorney guide you is critical to protecting your rights.
Both the holidays, and the approach of the 2025 tax season, kick-off the start of a critical period where there is a heightened risk of identity theft scams and schemes. The IRS strongly cautions taxpayers and tax professionals to take extra steps to protect their...
It’s getting close to the end of the year and now’s the time to finalize any tax-exempt gifting. As a reminder, gifts to any individual up to $18,000 is tax-exempt and does not have to be reported. Gifts above $18,000 does have to be reported to the IRS but may still...
It is important to keep all of your records if you invest in cryptocurrencies. If you are audited by the IRS, they will check your documentation to make sure you correctly recorded the tax basis (tax basis is typically what you paid for the asset) and sales proceeds...
If you are someone who is worried about the government inheriting your money when you die via estate taxes, do not forget to gift before the end of the year. In 2023, the annual gift exclusion is $17,000.00, and it is not limited to one individual. For example, you...
It can be a very daunting task to complete one’s estate plan. Life gets very busy, and the holidays are hectic. However, it is very important to have one’s affairs in order, and being around family during the holidays can remind us of that. Practically anyone who...