The tax associated with the transfer of assets from a decedent to beneficiaries is called an “Estate tax” or inheritance tax. It mainly affects the wealthy but in recent years the laws have been changing. Currently the tax-free limit is $5mil per individual with the rules changing again after 2012 and moving down to $1mil. …
by Danko Iordanov, EA Trusts – Setting up a living trust is a popular strategy for families to protect their assets and facilitate a smooth transition to their beneficiaries after death by avoiding costly Probate court. When that difficult time comes, we work with the executor and make sure that all items on the checklist are taken care of …
by Danko Iordanov, EA We regularly get questions regarding the consequences of giving away money or property to family members. The IRS gives a pretty high ceiling before gift taxes need to be paid. In the cases where the issue needs to be handled, we assist you in achieving your goal of giving by devising a plan where you …
by Danko Iordanov, EA