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DIY estate planning can cost you: This is what you need to know to save

DIY estate planning can cost you: This is what you need to know to save
iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.

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What is Warren Buffet's net worth? Business tycoon donates $4.1billion worth of shares!

What is Warren Buffet's net worth? Business tycoon donates $4.1billion worth of shares!
hitc.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hitc.com Daily Mail and Mail on Sunday newspapers.

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Estate Planning: planting the seed of success for farm families

Estate Planning: planting the seed of success for farm families
Andrew Knutson, attorney at law, answers some of farmer s biggest questions about the tax law changes that may take effect soon.
No matter what stage you may be at in life, at some point you’ll likely want to retire. Part of planning for retirement is also planning for your estate and what will happen when you are no longer able to be in control of your farm and the assets you worked hard to enjoy.
Farmers are in a unique situation, since many live where they work and want to ensure that their farming or ranching operations are in safe hands for the next generation. Knowing where to start and what steps to take to ensure your future will put you and your family at ease. ....

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Creating Estate Tax Plans Under the Biden Administration

Monday, January 25, 2021
Over the past twenty years, there has been a dramatic change in the Estate tax laws. Given the Democratic control established in Washington, D.C. this month, additional Estate Tax reform is now a distinct possibility. Currently, each person can give away during lifetime, or distribute at death, an amount of $11.7 million without being subject to federal Estate Tax. That high exemption amount may change under the Biden Administration. Now is the time to speak with your advisor about reducing or eliminating your exposure to Estate Tax.[1]
Current Estate Tax Laws
In 2001, the federal Estate Tax exemption amount [2] – the amount a person can gift during lifetime or transfer at the time of death – without being subject to Estate Tax was $675,000. The top Estate Tax rate was 55%. In 2010, the Estate Tax exemption was drastically increased to $5 million per person, subject to inflation increases, and the Estate Tax rate was dropped to 35 ....

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