There are many ways to leave money to a charity in your estate plan. For example, you can make charitable donations in your will or name a nonprofit as the beneficiary of your 401K. You could also set up a charitable trust or contribute to...
Due to the Tax Cuts and Jobs Act signed into law in 2017, the estate tax exemption limit has been gradually increased over the past four years. The estate tax exemption in 2020 was $11.58M. This year the estate tax exemption in 2021 is increasing...
The future of the estate tax exemption is not yet concrete. However, we’re getting closer to understanding how wealthy estates may be affected if the bill known as The 99.5 Percent Act becomes law. Currently, the federal estate tax exemption is $11.7 million for an individual...
Taxation on Wills and Trusts? Part of wise estate planning is to understand laws concerning taxation of wills and trusts before you or your beneficiaries need to act on them. Phelps LaClair, serving Chandler, Mesa, Phoenix, Scottsdale, and Gilbert, has been helping clients with the ins...
There are changes that are coming with a new Presidential administration in 2021. Changes in the Federal Tax Code are expected to be announced soon. At Phelps LaClair, serving Mesa, Chandler, Scottsdale, and the Phoenix Valley, we know one of the questions will concern the...
Prince is back in the news again. Early this month, the IRS announced that Prince’s estate was undervalued by $80 million. As you may recall, the probate battle over Prince’s estate has been dragging on since 2016. Every day that passes costs the estate money...
As we approach the end of the decade, we look forward to what the 2020s will bring. One thing is certain: the gift and estate tax exemption is going to change. At Phelps LaClair, serving Chandler, Mesa, Phoenix and Scottsdale, we understand that moving targets...