Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2022 is just starting, it’s not too early to think about planning for whatever it may bring your way. As 2021 ends and the New Year dawns, we need to think of…tax planning! Some years Congress tweaks the laws more than other years. While 2021 held plenty of events: a coronavirus vaccine, new coronavirus variants, a new President, etc., it was a relatively quiet year for legislative … [Read more...] about Tax Planning for 2022
Taxes
Can an Out of State Inheritance Tax Affect You?
The subject of taxation on inheritances can be a bit confusing. There are federal taxes, and you hear about state-level taxes. In this post, we will explain how an out-of-state tax can affect a resident of Oklahoma. Inheritance Tax An inheritance tax and an estate tax are two different types of taxes that can be levied when someone dies. Here we will look at the inheritance tax first. This tax can be imposed on transfers to each individual inheritor when one's estate is being … [Read more...] about Can an Out of State Inheritance Tax Affect You?
Is There a State Estate Tax in Oklahoma?
Estate planning attorneys field many questions about taxes on inheritances and people usually have negative expectations. They are pleasantly surprised when they hear the facts. We will pass along the good news and a little bit of bad news in this post. State-Level Estate Tax A dozen states and the District of Columbia have state-level estate taxes. Oklahoma does not have an estate tax, but if you own property in a state that does, the tax will apply to your estate if its value exceeds the … [Read more...] about Is There a State Estate Tax in Oklahoma?
Biden Administration Could Reduce Estate Tax Exclusion
Runoff Elections in Georgia resulted in a Senate controlled by Democrats. Could this impact your Estate Planning? It’s possible. by Steve Hartnett The estate tax exclusion is the amount you can give without facing an estate tax. Under current law, you may give this amount during life or at your death and after that amount is used, you face a federal tax of 40% on assets beyond that amount. The amount has fluctuated a great deal over the years. It was $675,000 as recently as 2001. … [Read more...] about Biden Administration Could Reduce Estate Tax Exclusion
Is an IRA Taxable As Part of an Estate?
Estate planning should accomplish several inter-related goals. Along with ensuring your estate is distributed according to your wishes after you are gone, your estate plan should protect your assets while you are alive and minimize or eliminate estate taxes at your death. Your retirement plan should also work in harmony with your estate plan. If you own an IRA, you need to understand that the IRA probably will be taxed as part of your estate when you die. Our IRA estate planning attorneys at … [Read more...] about Is an IRA Taxable As Part of an Estate?
Treasury Releases New Inflation Adjustment
The new tax law doubled the estate tax exclusion through 2025. This article looks at the exact amount of the new exclusion (it’s not what you thought) and how it might be useful. The article also examines why there’s no reason not to take advantage of the newly-doubled exclusion. Treasury Releases New Inflation Adjustment … [Read more...] about Treasury Releases New Inflation Adjustment
