Estate Tax Planning Tips for Single People

December 7, 2018
Estate Tax

Single taxpayers with an estate plan may need to give extra attention to maximize how much they can transfer to loved ones tax-free during their lifetimes and beyond.

Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and estate taxes.

Fortunately, under the Tax Cuts and Jobs Act (TCJA), estate tax issues are less of a concern. The exemption amounts have been temporarily raised, so you’re less likely to be hit with the federal estate tax. But you may need to update your existing estate plan to take advantage of the favorable changes.  Read more

USRPI, NRAs, and Estates, Oh My!

November 30, 2017

Handling US real property interests, non-resident aliens, and estates can be complicated for tax considerations.

By Bethany Bouw

With as much trepidation as Dorothy and her new friends experienced in The Wizard of Oz, we should approach the subject of US real property interests (USRPI), non-resident aliens (NRAs), and estates the same way. It is very important to determine how the USRPI is held and if there are any advisable elections. Please make sure to seek your accounting professional’s assistance. Read more