The IRS has just released inflation-adjusted tax numbers for 2023.  Among the most notable adjustments are: An increase in the gift, estate and GST tax exemptions amounts from $12,060,000 to $12,920,000. An increase in the gift tax annual exclusion amount from $16,000 to $17,000. An increase in the starting point…

Estate planning can be boiled down to two main topics: (1) asset disposition, and (2) naming (or nominating) fiduciaries.  For most of our clients, the asset disposition part—how you want your assets to pass on death—is simple.  Selecting who will be the fiduciaries—those with responsibilities and decision making upon your…

››The Internal Revenue Service recently issued Rev. Proc. 2022-32, which permits certain estates up to 5 years to file a federal estate tax return (Form 706) in order to make a portability election and thereby transfer a decedent’s unused estate tax exemption to his or her surviving spouse; an estate…

The Florida Community Property Trust Act, signed into law on July 1, 2021, provides that assets transferred by a married couple to a community property trust will be treated as community property while owned by the trust.  You may be reading this blog post because you have heard of community…

For tax purposes, the basis of an asset generally equals its purchase price, and an asset’s basis determines the gain or loss when sold.  If, for example, you purchase stock for $50 that you later sell for $75, you have a $25 taxable gain (i.e., $75 sale price less your…