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Guide to Estate and Gift Tax Portability for Estate Planning
A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.
When and How Do I Amend A Living Trust Document? A Step-by-Step Guide
A living trust can be used as a tool to avoid probate and dictate how your heirs and beneficiaries will receive your assets after passing away. But life brings significant changes, which may require amending your trust agreement to reflect your current wishes. When...
A Beginner’s Guide to Estate Planning: Key Concepts & Documents
Estate planning has a reputation for being complicated, but it doesn’t have to be with the right guidance. At The Law Offices of Brenton C. McWilliams, we believe everyone needs estate planning to thoughtfully protect their legacy. This beginner’s guide breaks down...
