There is a federal estate tax that applies to those estates that are worth a significant amount. The exemption from the federal estate tax has increased continuously since 2002. Prior to 2002, the exemption from the federal estate tax was…
Category: estate planning
Seek Legal Advice before Gifting Assets
If significant assets are transferred to a child, then there will be a tax and estate planning ramifications from the transaction. The transfer of funds may prevent the parent from obtaining Medicaid assistance to pay for needed long-term care. In…
