Trusts and Estates

Understanding the Final Estate Tax Basis Consistency Rules: What You Need to Know

October 3, 2024

The IRS recently finalized long-awaited changes to the estate tax basis consistency rules, offering much-needed relief to estate planners and beneficiaries alike. These rules, initially introduced in 2015, ensure that the value of inherited property for estate tax purposes aligns with the value recorded when the property is received by beneficiaries.  While the rules may…

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Best Practices When Preparing Your Estate Planning Documents

August 5, 2024

Estate planning is a crucial part of managing your finances. It ensures that your assets are distributed according to your wishes after your passing. Proper preparation of estate planning documents secures your legacy and minimizes potential tax issues for your heirs.  Estate planning is valuable for all, everyone can benefit from having these documents in…

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Navigating Estate Planning in the Face of Stock Redemption Risks: What You Need to Know

April 15, 2024

As trusted advisors in the realm of finance and estate planning, we at Tonneson + Co are closely monitoring an upcoming decision by the US Supreme Court that could significantly impact estate planning strategies involving closely held businesses. The case of Connelly v. United States revolves around the complex issue of how life insurance proceeds…

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Estate & Gift Tax Exclusion Tax

June 30, 2022

Many wealthy individuals have taken steps to maximize their lifetime gift tax exemption before it reverts back to a lower level in 2026. However, the IRS recently proposed new guidance that would allow for clawbacks of certain gifted assets. Learn more about the proposed changes in this article.

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