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This month in Beau's column for the Tri-Cities Area Journal of Business, he discusses estate tax and provides an example calculation to help determine your own possible tax liability. Read below for the details! #tricitiesjournalofbusiness #tricitieswa #kennewickwa #CWS #pascowa #richlandwa #wealthadvisor #financialplanning #CWS #estateplanning #taxplanning #EstateTax #backofthenapkin #calculation

I always respond to 'am I the beneficial owner of this asset for tax purposes?' with 'are you beneficial owner of this asset?'.... 💡 The distinction between legal ownership and beneficial ownership can often be blurred, particularly in complex ownership structures like trusts or corporate entities. 💡 Legal ownership, reflected in official records, may not always align with who actually benefits from or controls an asset. This can impact tax liabilities, as tax obligations often follow the beneficial owner. 💡The below case at the First Tier Tribunal highlights the need to keep meticulous records and documentation to support any beneficial ownership. #Ownership #Taxation #BeneficialOwnership #FTT #tax #legalownership #trusts #crownstone #taxtipper https://lnkd.in/dHkhSnjC

Read what Joe Fresard has to say in this Trust & Will article: What Do the 2024 Tax Exemption Amounts Mean for Estate Planning? https://lnkd.in/gXJAi2Pb #EstatePlanning

If you believe the estate tax exemption is going to go down 1/1/26, then implementing strategies now to take advantage of the larger exemption is important. If you wait until after 1/1/26, you will have a lower exemption to use, but all the normal estate tax strategies are still options and you are working from a place of certainty regarding the exemption. #therainslawfirm #purposefulplanning #legacyplanning #valuescenteredplanning #valuesbasedplanning #comprehensiveplanning #holisticplanning #thoughtfulplanning #multigenerationalplanning #estateplanning #trustsandestates #estateplan #estateplanningattorney #trusts #wills #willsandtrusts #inheritance

🚨 New Guidance on NJ Real Estate Sales 🚨 Martin D. Hauptman, Esq., CPA, Partner in the Tax, Trusts, and Estates Practice Group at Mandelbaum Barrett PC, shares the New Jersey Division of Taxations updated guidance on tax forms and withholding requirements for real estate sales. Key update: nonresidents must withhold the higher of 10.75% of the net gain or 2% of the sale price. Click the link to read more and stay compliant to avoid penalties. #RealEstate #TaxUpdate #NJTax #TaxCompliance #RealEstateLaw

What Is the 2024 New York Estate Tax Exclusion?: In this post, we are going to look at the 2024 New York state estate tax exclusion. But before we get there, we will provide some general information about taxes on inheritances to provide clarity.The Good NewsYou may be surprised to hear that you do not have to report an inheritance that you receive through […] The post What Is the 2024 New York Estate Tax Exclusion? appeared first on The Khalsa Law Firm, P.C..

The most common issue I have seen in the last few weeks involves the same taxpayer requirement. Generally speaking, how title is held to the relinquished property should carry forward to the replacement property. Mid-exchange is not the time to complicate matters. As always, seek tax advice to determine any impact on your individual situation. #1031 #QI #1031exchange https://lnkd.in/eAn8agGF

The decline of trusts The number of trusts filing self-assessment tax returns for 2021/22 was 37% lower than for 2003/04. The decline comes as no real surprise given the eroding advantages of using a trust and the recent requirement to register trusts with HMRC. Find out more information on this here - https://lnkd.in/eWEYxFbZ #trusts #possesiontrusts #taxreturn #HMRC 

A commonly known provision of the tax code is the step-up in basis rule; many taxpayers encounter this when inheriting appreciated assets. A lesser-known and tricky related provision is the step-down rule, which can be a potential hazard causing losses to remain unrealized. This, in turn, leads to possible tax savings disappearing into thin air. #krilogytaxservices

As tax season approaches, we want to keep you up to date with some important information about the estate tax in Massachusetts. If you are a personal representative of an estate, or a beneficiary of an estate, you may have questions or concerns about the estate tax and how it affects you. The estate tax is a tax on the value of property a deceased person, or decedent, owned before it is distributed to the beneficiaries. This is different from inheritance tax which taxes the value of property beneficiaries receive. Estate tax is levied by the federal government and some states, including Massachusetts. Inheritance tax is only imposed by six states and Massachusetts is not one of them. For decedents passing on or after January 1, 2023, the threshold is $2M. If the total value of the property exceeds $2M, the estate must file a tax return. The estate tax is calculated using a table that can be found on the Massachusetts Department of Revenue website. Taxable estate value is the gross estate value minus any debts, expenses, and exemptions. The exemptions include a credit of up to $99,600 and a marital deduction for property passing to a surviving spouse. Follow us for more updates and tips. Leominster Consulting & Tax is committed to providing you with the most accurate and timely information that helps you navigate the world of taxes and business management. #MAEstateTax #EstateTaxPlanning #MassachusettsTaxCode #2024TaxTips #MassachusettsDepartmentOfRevenue #TaxPlanning2024 #WealthManagement #LeominsterConsultingAndTax #MassachusettsCPA