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Tag Archives: gift taxes

Grandchild in college this fall? Paying tuition could save gift and estate taxes

By Legacy Protection, LLP |

Now’s the time of year when many young adults are about to head back to college — or to enter their first year of higher education. If you have a grandchild who’ll be in college this fall and you’re concerned about gift and estate taxes, you may want to consider paying some of his… Read More »

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Softening the blow of higher taxes on trust income

By Legacy Protection, LLP |

This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150. And the 3.8% net investment income tax applies to undistributed net investment income to the extent that a trust’s adjusted gross income exceeds $12,150. Three strategies can help you soften… Read More »

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IRS Makes More Same-Sex Couples Eligible for Federal Tax Treatment as a Married Couple

By Legacy Protection, LLP |

In response to the U.S. Supreme Court’s June decision regarding same-sex marriage, the IRS recently clarified that married same-sex couples will be treated as married for all federal tax provisions in which marriage is a factor, such as filing status, dependent exemptions and child credits, and gift and estate tax breaks. Significantly, the Supreme… Read More »

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