Until now, many have enjoyed knowing their beneficiaries could inherit their assets tax-free through an irrevocable trust. It has been used successfully to pass assets safely to children without tax. For many people, it will no longer accomplish that goal. The New Rule on Irrevocable Trusts In March 2023, the Internal Revenue Service (IRS) changed…

Receiving an inheritance can be considered a great blessing. Even though you will be missed, your heirs will be glad that you named them as a beneficiary. If you have not made any preparation to cover or prevent inheritance taxes, your beneficiaries will discover that they will not get nearly as much as they hoped….

You can have good intentions with your estate to pass it on to your heirs. You are sure that they will enjoy the benefits of it and have informed them of it. It is possible, though, that if you have not prepared to get around inheritance taxes, they may not receive nearly as much as…

In February 2021, Proposition 19 went into effect in California. Those who inherit property have one year to make it their permanent residence; otherwise, it will be reassessed at market value, which leads to a significant tax increase. My guest is Susan Shelley, vice president of communications for the Howard Jarvis Taxpayers Association. She explains…

President Joe Biden has proposed amending the inheritance tax, also known as the “death tax,” but farmers around the country are raising concerns about the plan. In the American Families Plan introduced earlier this year, Biden proposed repealing the “step-up in basis” in tax law. The stepped-up basis is a tax provision that allows an…

Conservative MPs have called for the abolition of the inheritance tax, with former chancellor Nadhim Zahawi suggesting it was “morally wrong” to take someone’s assets on their death. Writing in The Telegraph, Zahawi argued that inheritance tax negatively affects personal finances and the wider economy. “Inheritance tax is that other spectre that haunts us alongside…