Monthly Archives: November 2015

Unmarried couples must take extra steps to reduce estate tax liability

Unlike married couples, who can take advantage of the marital deduction, unmarried partners can’t transfer unlimited amounts to each other tax-free. To reduce their estate tax bills, they must take some additional steps. One option is to make lifetime gifts … Continue reading

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Seek an appraisal before donating artwork

Valuable works of art may be ideal candidates for lifetime charitable donations. Generally, it’s advantageous to donate appreciated property because, in addition to reducing your taxable estate and garnering an income tax deduction, you avoid capital gains taxes on the … Continue reading

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Have you factored GST tax into your gifting strategy?

If your adult children face the prospect of high taxes on their estates, consider skipping a generation with some of your bequests and gifts. But beware of the generation-skipping transfer (GST) tax, which applies to transfers to a “skip person” … Continue reading

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Extra planning required for married couples relocating into or out of a community property state

For married couples living in a community property state, money earned and property acquired by either spouse during marriage generally is “community property” — meaning each spouse has an undivided one-half interest (regardless of how property is titled). When one … Continue reading

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