When individuals or families craft inheritance and estate plans in Kansas, Missouri and Oklahoma, they often have a host of questions about the kinds of tax that might apply to those inheritances. Will you have to pay tax if you receive an inheritance? What kind of tax will that be? Will you have to pay that tax to the state, the federal government, or even a local government? While questions about taxes and inheritances can be complicated, there is some basic information that can help you … [Read more...] about Understanding Estate Planning – How Much Tax do I Have to Pay on my Inheritance?
Charitable Remainder Unitrust
You are not required to report an inheritance as income for income tax purposes, but there are transfer taxes that can be applicable. Topics covered in this white paper include: Income Taxes Federal Estate Tax State-level Estate Tax Inheritance Tax Tax Efficiency Strategies Conclusion References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: Do I Pay Oklahoma Taxes When Someone Leaves Me Money?
The annual gift tax exclusion allows you to give up to $14,000 to any number of gift recipients within a calendar year free of the gift tax. Topics covered in this white paper include: Additional Gift Tax Exclusions Lifetime Unified Gift and Estate Tax Exclusion Conclusion References … [Read more...] about Free Report: What Is the Annual Gift Tax Exclusion in Oklahoma?
We deal with many clients and estates which provide for the specific distribution of real estate (such as a house) to a named beneficiary. This seemingly straightforward provision can result in family disputes and financial hardship when the real estate is subject to a mortgage. The question that always comes up is “who pays the mortgage”? … [Read more...] about The Dangers of Leaving A House to A Loved One
One of the most frequent questions I am asked by clients is whether they should start giving away property prior to their death. The most common rationale is the belief that these “deathbed gifts” may simplify matters after their death. Unfortunately, making such gifts can have the opposite effect and prove very costly to your family. Since taxes is one of my favorite subjects, let’s discuss that issue first. When you gift property, your cost basis carries over … [Read more...] about Think Before You Gift
If you have reached your financial goals, your work is not done. You may have accumulated wealth, but you have to protect that wealth for the benefit of succeeding generations. The federal estate tax looms large as a source of asset erosion. It can significantly reduce the legacy that you are leaving behind. Life Insurance Policies When you are inventorying your assets to evaluate your level of estate tax exposure, you must include everything that is considered to be countable by the … [Read more...] about What Is an Irrevocable Life Insurance Trust?
We're hosting a free Education Program next week! Watch as Jerry Shiles, an attorney with Parman & Easterday, shares the top issues we will cover, including how to best protect your hard-earned money and belongings; avoid the devastating costs of long-term care; planning for disability; protect your children's inheritance from probate, lawsuit and divorce; and much more! Register here. … [Read more...] about Free Estate Planning and Education Seminar
Creating wealth can be a challenging task, but the work is not done when you have achieved your financial objectives. You must then take steps to protect your family wealth. There are certain trusts that can be utilized to preserve your wealth, and there are others that are not suitable for wealth preservation purposes. … [Read more...] about Can a Trust Protect Family Wealth?
It is important to understand the federal transfer taxes that exist when you are planning your estate. One of these taxes is the generation-skipping transfer tax. Before we provide details about the generation-skipping transfer tax, we must provide some background information with regard to the other federal transfer taxes. … [Read more...] about What Is the Generation-Skipping Transfer Tax?
There can be some confusion with regard to taxes on asset transfers. Some people are under the impression that an inheritance tax and an estate tax are one and the same thing. This is not the case. … [Read more...] about Will My Heirs Be Forced to Pay an Inheritance Tax?