Tax Tips for Filing | AmeriEstate Legal Plan
March 07,
2023

Tax Tips for Filing

It’s tax season, a time of year that fills many of us with dread. If you fear you haven’t done enough over the past year to reduce your tax burden, potentially leaving you stuck with a high bill, we’ve got some tips that can help you even this late in the game. We also cover common mistakes that can lead to an unwelcome surprise when the Internal Revenue Service (IRS) catches them.

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Downsizing in Retirement | AmeriEstate Legal Plan
February 06,
2023

Downsizing in Retirement

If you are nearing retirement age or already there, you may find that your current home no longer fits your needs. Whether your house has too much square footage to keep up with, your maintenance costs are too high, or both, downsizing provides a possible solution. However, trends in the housing market and taxes could lead to potential challenges. You may overcome some of them with careful planning and research.

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Annual Gift Tax Exclusion - Use It or Lose It | AmeriEstate Legal Plan
December 06,
2022

Annual Gift Tax Exclusion: Use It or Lose It

As the year winds down, it’s time to think about your 2022 estate planning strategies for reducing taxes. One of the simplest ways to do this is to make use of your annual gift tax exclusion. For 2022, the amount of your annual gift tax exclusion is $16,000 for an individual and $32,000 for a married couple making a joint gift.

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Minimizing Estate Taxes | AmeriEstate Legal Plan
August 25,
2022

Minimizing Estate Taxes

Estate taxes can be a nuisance to deal with. Fortunately there are ways to minimize your estate taxes, and in some cases, avoid it all together.

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Should You File Taxes For an Unfinalized Estate? | AmeriEstate Legal Plan
March 01,
2022

Should You File Taxes For an Unfinalized Estate?

Like most seemingly simple questions, the answer to the question of whether you should file one or more tax returns for an estate that has yet to be finalized is “it depends.” Specifically, if and when you need to file tax returns on behalf of a decedent depends on the following:

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Prepping Your Estate for Tax Season | AmeriEstate Legal Plan
February 15,
2022

Prepping Your Estate for Tax Season

With the 2021 tax season upon us, it’s time to review all of your estate planning documents, especially your trusts. The IRS requires you to file Form 1041, U.S. Income Tax Return for Estates and Trusts, for each trust that received $600 or more in income during 2021 or that has a nonresident alien as one of its beneficiaries. The only exception to this requirement is a grantor trust.

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The Deferred Sales Trust Advantage | AmeriEstate Legal Plan
April 20,
2021

The Deferred Sales Trust Advantage

Thinking about selling a highly appreciated asset such as a real estate investment, corporation or business can be overwhelming. While it is certainly a positive to have highly valued assets, navigating the tax laws surrounding such assets is a difficult process. One option that is becoming more and more popular for persons in this position is a Deferred Sales Trust.

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Are You Personally Liable for Business Debts? | AmeriEstate Legal Plan
November 10,
2020

Are You Personally Liable for Business Debts?

One of the most complicated aspects of business formation is taxation. It is vital that you understand the different ways you can form a business: horror stories abound with business owners who rushed through the formation process and lived to regret it when the tax man came around or somebody launched a lawsuit.

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AmeriEstate | Capital gains tax and deferred sales trusts
July 06,
2020

Capital Gains Tax and Deferred Sales Trusts

If you are considering a deferred sales trust, it is vital that you understand the relationship between capital gains tax and the deferred sales trust. In many situations, a deferred sales trust is a great way to avoid losing a lot of money to capital gains tax, but to reap the benefits you must engage in careful estate planning.

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calculating estate taxes
June 18,
2020

Are Distributions from a Trust Taxable?

If the total estate, including assets held personally or in trust which exceed the exemption, then the estate will be subject to estate taxes of approximately 40% of all assets that exceed the exemption.

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