Banner Image

Power Up Your Trust With Crummey Powers

Posted by Melanie Abigania and Jessica Simons on Apr 25, 2022 12:23:43 PM

The unified gift and estate tax exemption is set at an inflation-adjusted $12.06 million for 2022, up from $11.7 million for 2021. This means that for many families, estate tax liability isn’t a factor. However, for others, the annual gift tax exclusion continues to be an important estate planning strategy — especially since future tax law changes could lower the gift and estate tax exemption. For this reason, using a Crummey trust in your estate plan remains an important estate planning strategy. Here’s why.

Read More

Topics: Tax, Estate Planning, High Net Worth

4 Reasons to Revisit Your Power of Attorney

Posted by Melanie Abigania, CPA on May 24, 2021 7:20:46 PM

Although much of estate planning deals with what happens after you die, it’s equally important to have a plan for making critical financial or medical decisions if you’re unable to make them for yourself.

Read More

Topics: Estate Planning, High Net Worth

Washington State Capital Gains Tax - What We Know Now

Posted by Sweeney Conrad, PS on Apr 30, 2021 1:19:11 PM
On April 24, the Washington State legislature voted in favor of a new Washington State Capital Gain Excise Tax, by a narrow margin. The legislation is expected to be signed by Governor Inslee shortly. While challenges are anticipated, here is what we know now:
Read More

Topics: Tax, News, High Net Worth

What To Do If Your Spouse Doesn't Designate You as a Beneficiary of His or Her IRA

Posted by Melanie Abigania, CPA on Apr 26, 2021 4:33:55 PM

One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72. This differs from an IRA inherited from someone other than a spouse, when the entire IRA balance must be withdrawn within 10 years of the original owner’s death. (Note that different rules apply to IRAs inherited before January 1, 2020.)

Read More

Topics: Estate Planning, High Net Worth

Review Your Estate Plan in Light of the New Presidential Administration

Posted by Melanie Abigania, CPA on Mar 27, 2021 3:16:19 PM

As President Biden settles into his new role as President of the United States, you may be wondering how the federal estate tax may be affected.

Read More

Topics: Estate Planning, High Net Worth

Learn more about the services Sweeney Conrad offers