Providing Peace Of Mind
As we head into the last quarter of the year, many people are thinking about making gifts and transfers to their family members and loved ones. It is important to start planning now based on the estimated decreases that are coming. Secure your family’s financial future by taking immediate action to update your estate plan, as the anticipated 50% decrease…
Kelleher + Holland, LLC has the resources and connections to help with life insurance planning. Life insurance is a unique asset that is usually income tax-free and asset protected at death. Quite amazingly, with proper trust planning, life insurance can be totally tax-free, meaning income tax-free and estate and transfer tax-free upon death. Unfortunately, far too many people are improperly…
Congress and the White House are spending the first half of 2023 debating how to handle an increase in the nation’s debt ceiling as the United States is more than $31 trillion in debt and counting. In addition, the deceptively-named Inflation Reduction Act of 2022 allocated funds for hiring 87,000 new agents for the Internal Revenue Service (IRS). On top…
Taking advantage of warm winter weather is not the only attraction for retirees moving to better climates; some states such as Florida, Arizona or Tennessee can offer significant financial benefits to those establishing a new residency. Favorable Tax Climates in Florida, Arizona, Tennessee Notably, Florida and Tennessee residents do not have to pay state taxes on any earned or unearned…
Florida is known for being a destination for retirees to seek out warmer weather and a relaxed lifestyle. Contrary to historical trends, Florida is beginning to see a significant influx of younger individuals, families and businesses making the move due to the state’s tax benefits and remote work options. Recent changes to Florida’s uniform trust code make the Sunshine State…
Tax Planning Opportunities Multiple proposals regarding estate tax exemptions and rates came and went during 2021, with little change to the law. This means there is still time to take advantage of the “perfect storm” of planning opportunities available in 2022. The IRS has announced the following changes to the estate and gift tax exclusions as of January 1, 2022,…
What May Happen and What You Can Do Now The House Ways and Means Committee has now released its plan for tax changes, some of which may become law and take effect on January 1, 2022, or even sooner. Released earlier this week, this proposed legislation contains several changes to tax laws, including increased individual and corporate income tax rates,…
The current governmental spending, tax, financial and political climate is provoking great concern regarding controlling and preserving assets. Be proactive in protecting your wealth – consider reviewing your estate, business and tax planning options in advance of the expected “Blue Wave” Spending + Tax changes. The time to plan is now. Transferring assets in-trust can be a great way to…
Right now, high estate tax exemptions, historically low interest rates and valuation discounting, along with proposed Biden administration tax reform to cover pandemic debt, have created a “perfect storm” for estate and tax planning. But this window of opportunity is not expected to remain open for long. Transferring your assets to a trust now can help: Protect assets from unnecessary…
Tax Planning Major Changes Anticipated The Georgia runoff election held Tuesday resulted in Democrats winning both Senate seats. Given the Democratic presidency and majority in the House of Representatives, it is likely that we will see major changes to the estate and gift tax rules that could significantly limit opportunities for estate and tax planning. President-elect Biden has proposed several…
