With several significant federal tax updates taking effect in 2026, you should take this opportunity to reevaluate your estate plan if you reside in New Hampshire. These developments influence how you structure wealth transfers, plan charitable gifts, and manage retirement assets. A careful review allows you to adjust your strategy in a way that preserves more of your estate, supports your long-term goals, and maximizes tax efficiency for both you and your beneficiaries. To help you get started, … [Read more...] about Gift and Estate and Tax Figures for Your New Hampshire Estate Plan
How to Prepare for Changes to Gift and Estate Taxes in 2025
As 2024 draws to a close, major changes to federal gift and estate tax laws set for 2025 are on the horizon. These revisions will bring increases in both the lifetime exemption and annual exclusion amounts while the expiration of provisions under the Tax Cuts and Jobs Act (TCJA) poses potential challenges. Planning ahead for these changes is crucial to protecting your estate assets and minimizing tax burdens. With that goal in mind, the attorneys at Legacy Care Law Firm offer insight into how to … [Read more...] about How to Prepare for Changes to Gift and Estate Taxes in 2025
The Magic of Grantor Trusts
Grantor trusts are a particularly powerful tool in estate planning. They allow the taxpayer to remove assets from their taxable estate, while those assets can grow tax-free because the grantor is paying the income tax for the trust. Read on to learn more about the magic of grantor trusts. … [Read more...] about The Magic of Grantor Trusts
IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
The IRS released Revenue Ruling 2023-2 explaining that assets in a trust which is not included in the estate of the decedent don’t receive a “step-up” in income tax basis. This is the case even if the trust is taxed to the grantor for income tax purposes. This confirms the plain language of the statute and what we’ve long known. Read more to learn more about this Ruling and how to qualify for one of the biggest tax loopholes. … [Read more...] about IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis
