In Texas, understanding portability and estate tax is not just advisable; it’s essential for anyone involved in estate planning with estates that exceed $30,000,000.00. Estates valued below $30,000,000.00 are exempt from estate taxes, but may need to consider portability. While most estates fall below $30,000,000 and that number seems like a high ceiling, with the …
I have long endorsed the use of Section 1031 of the Internal Revenue Code when selling property. However, many folks do not utilize this very valuable tax deferment when selling investment property. This tax saving tool is not permanent tax savings, but a way to defer taxes at the time of sale by reinvesting in …
Continue reading “Tax-Deferred Exchange With a Farm or Ranch”
The Estate Tax is Changing, Again As we approach the end of the year, it is time to remind folks of the Biden Administration’s Sensible Taxation and Equity Promotion (STEP) Act. This makes a significant change to the Federal Estate Tax set to go in place January 1, 2026. Which means, the Estate Tax is …
Continue reading “Don’t Look Now, but the Estate Tax is Changing, Again”
Don’t allow ongoing political and financial uncertainties to hold you back from providing tax-free gifts that can benefit your family. Despite the speculation surrounding these matters, you still have the opportunity to make tax-free annual exclusion, medical-payment, and educational gifts. By taking advantage of these gift options, you can support and contribute to the …
AMERICAN TAXPAYER RELIEF ACT The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular circumstances. At the eleventh hour, Congress averted the tax …
