FAMILY LIMITED PARTNERSHIPS (FLPS): PRESERVING FAMILY WEALTH THROUGH STRATEGIC OWNERSHIP

FAMILY LIMITED PARTNERSHIPS (FLPS): PRESERVING FAMILY WEALTH THROUGH STRATEGIC OWNERSHIP

Gabriel Katzner - October 15, 2023 - Asset Protection

Families who operate a business or jointly own real estate or other assets may take advantage of a family limited partnership (FLP) or a limited liability company (LLC) to protect their family’s assets, reduce estate taxes, and transfer wealth between generations while maintaining control of the business or other assets. What is a family limited […]

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Minimizing Estate Taxes: Strategies to Preserve Wealth for Future Generations

MINIMIZING ESTATE TAXES: STRATEGIES TO PRESERVE WEALTH FOR FUTURE GENERATIONS

Gabriel Katzner - August 10, 2023 - Asset Protection

Minimizing estate taxes requires careful planning and taking the time to consider multiple different strategies. Since estate tax laws vary by state, it is essential to consult with an estate attorney to determine the most suitable strategies for your particular circumstances. Here are ten common strategies used to reduce estate taxes. 1. Charitable trusts and […]

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Big brick house with a large beautiful green lawn

PLACE YOUR HOME IN A QUALIFIED PERSONAL RESIDENCE TRUST

Gabriel Katzner - February 27, 2023 - Asset Protection

What is a Qualified Personal Residence Trust?   A Qualified Personal Residence Trust (QPRT) is a type of irrevocable trust that allows the owner of a personal residence to transfer the title and ownership of their home to their trust for a set number of years, usually 5-20. When the QPRT  terminates, home ownership is […]

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Granparents at the yard with gran daughter looking at a picture album during sun set

What is a Generation Skipping Transfer Tax?

Gabriel Katzner - September 28, 2022 - Asset Protection

Taxes are a fact of life, but some tax schemes are better known than others. For example, everyone who earns a paycheck knows about the federal income tax deductions from their pay each pay period. Lesser known taxes include capital gains, gift, and generation-skipping transfer taxes. The generation-skipping transfer tax (GST) is a federal tax […]

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Same sex female couple sharing domestic partnership

WHAT RIGHTS DOES A DOMESTIC PARTNER HAVE IN ESTATE PLANNING?

Gabriel Katzner - September 8, 2022 - Estate Planning

While your rights as a domestic partner may differ depending on the state you live in and possibly even the city or county, a domestic partner is unlikely to have the same rights as a spouse. What defines a domestic partnership? A domestic partnership is an alternative to marriage that any couple can choose if […]

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Window to the outside and on the frame some plants and a picture with the words Estate Planning symbolizing plan for your future contemplating your home

HOW MARRIED COUPLES REDUCE FEDERAL ESTATES TAXES

Gabriel Katzner - August 1, 2022 - Estate Planning

HOW THE CLAYTON ELECTION AND DISCLAIMER OPTIONS HELP MARRIED COUPLES REDUCE FEDERAL ESTATES TAXES Married couples with larger estates face uncertainty about the federal estate tax exemption when the second spouse dies. Currently, the 2022 exemption amount for an individual is $12.06 million. However, current law reduces the exemption to $5 million (adjusted for inflation) […]

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clear street with surrounding homes clear skies and a beautiful neighborhood

QUALIFIED PERSONAL RESIDENCE TRUST

Gabriel Katzner - July 26, 2022 - Estate Planning

Why you might need This Trust in the Future? According to the Internal Revenue Service, an estate tax is a tax on your right to transfer your property upon your death. The combined estate and lifetime gift tax limit for 2022 is $12,060,000, a very generous amount when compared to 2004-2005, which was $1,500,000. This […]

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Stack of million dollars

When Your Gifts Cost You Unexpected Penalties

Gabriel Katzner - June 21, 2022 - Asset Protection

The federal tax code is very specific about how much you are allowed to gift others in any given year or over a lifetime. If you go over that amount, you, the giver, get an unwanted gift from the Internal Revenue Service (IRS) in the form of a gift tax. However, not every gift is […]

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- QTIP trust -

QTIP TRUST – WILL PROVIDE FOR MY SPOUSE?

Gabriel Katzner - June 1, 2022 - Asset Protection

A QTIP trust (qualified terminable interest property)  is an estate planning tool that can help married couples mitigate some of the uncertainty about how they will provide for each other while maximizing certain tax advantages. A QTIP trust is a special trust that can be used to transfer assets in a trust to a spouse […]

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Biden New Estate Planning Tax

THE BIDEN ADMINISTRATION IS TALKING ABOUT BASIS, HERE’S WHAT YOU SHOULD KNOW.

Gabriel Katzner - September 13, 2021 - Estate Planning

The Biden administration has been exploring the idea of eliminating the step-up in basis rule or at least modifying it. The American Families Plan Fact Sheet says that: “The President would eliminate the loophole that allows the wealthiest Americans to entirely escape tax on their wealth by passing it down to heirs. Today, our tax […]

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