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2024 Tax Numbers for Estate Planning

Transfer Tax

Basic Exclusion Amount $13,610,000
Annual Gift Tax Exclusion $18,000
GST Tax Exemption $13,610,000

Estate and Trust Income Tax Brackets

Not over $3,100 10% of the taxable income
Over $3,100 but not over $11,150 $310 plus 24% of the excess over $3,100
Over $11,150, not over $15,200 $2,242 plus 35% of the excess over $11,150
Over $15,200 $3,659.50 plus 37% of the excess over $15,200

[Yikes! But don’t worry: Trust income tax can be avoided through a combination of income distribution to beneficiaries, and Beneficiary Deemed Owner Trust (BDOT) planning designed to make income taxable to a beneficary even without distribution.]

IRS Allows Late Filing of QSST Election (PLR 202428003)

by | September 30, 2024 | Asset Protection, Blog, Entity Formation, Estate Admin, Estate Planning, Fortune, Income Tax, Regulatory Compliance, Tax Planning, Trust Admin, Venture Protection | 0 Comments

Under Private Letter Ruling 202428003, the IRS has allowed late filing of a Qualified Subchapter S Trust (QSST) election, to obtain relief from termination of S corporation status. The corporation represented that the termination was inadvertent and not for tax...
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Estate Reduction Surgery (SLATs, etc.) May Be Urgent

by | September 29, 2024 | Asset Protection, Blog, Dying Embarrassed, Entity Formation, Estate Planning, Estate Tax, Fortune, Gift Tax, GST Tax, Income Tax, Tax Planning | 0 Comments

Estate reduction surgery may be more urgent than you think. Understandably, a lot of folks are sitting on the sidelines, waiting to see what happens in November -- not only in the presidential race, but in the congressional races that will determine the balance of...
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Buying a Business with Real Estate

by | September 26, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Estate Planning, Income Tax, Limitation of Liability, Operation & Governance, Property Tax, Tax Planning, Venture Protection | 0 Comments

Buying a business and purchasing real estate are two very different investments. Business ownership typically requires some management skills and knowledge about market conditions, consumer trends, staffing, and finances. Ownership of real estate, on the other hand,...
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Hiring Family Members to Work for Your Business

by | September 24, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Career Maintenance, Career Preparation, Entity Formation, Estate Planning, Family Protection, Financial Mentorship, Fortune, Honor, Income Tax, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection | 0 Comments

The decision to hire family members for your business is a delicate balancing act that involves both personal and professional considerations. Working with loved ones can create a sense of trust and unity within the workplace and has been shown to increase business...
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Exit Strategies for Business Owners

by | September 23, 2024 | Asset Protection, Blog, Bloodline Protection, Business Succession, Buying or Selling a Closely Held Business, Entity Formation, Estate Planning, Family Protection, Financial Mentorship, Fortune, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection | 0 Comments

Starting a business requires a great deal of planning and execution. Exiting from your small business should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy.[1] After...
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Should You Form More Than One LLC for Your Business?

by | September 16, 2024 | Asset Protection, Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Regulatory Compliance, Tax Planning, Venture Protection | 0 Comments

There is no law that limits the number of LLCs an entrepreneur can own. Forming multiple LLCs may make sense under certain circumstances: for example, companies that have several rental properties, separate businesses with common ownership, or when one business makes...
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What to Do If Your Business Is in Distress

by | September 13, 2024 | Blog, Business Succession, Buying or Selling a Closely Held Business, Creditors & Predators, Estate Planning, Fortune, Income Tax, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection | 0 Comments

Increasing costs and rising interest rates have impacted many businesses. If your business is in crisis, there are steps you can take that could improve your business’s financial condition and help it successfully move forward. Entrepreneurs are competent, but they...
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What You Need to Know about Equipment Leases

by | September 12, 2024 | Asset Protection, Blog, Creditors & Predators, Entity Formation, Estate Planning, Fortune, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection | 0 Comments

Equipment leasing is an alternative to purchasing new equipment. Amid volatile interest rates and inflated equipment costs, more businesses are turning to leases as they look for ways to preserve cash while acquiring the equipment they need to operate. Equipment...
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Can You Draft Your Own Contracts Using AI?

by | September 11, 2024 | Blog, Fortune, Limitation of Liability, Operation & Governance, Tax Planning, Venture Protection | 0 Comments

Written contracts are the backbone of business relationships. They outline the rights, obligations, and expectations between parties and provide a legal framework that ensures parties keep their promises. Absent written contracts, business relationships are less...
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What Is an LLC Distribution?

by | September 10, 2024 | Asset Protection, Blog, Business Succession, Creditors & Predators, Estate Admin, Estate Planning, Fortune, Income Tax, Operation & Governance, Tax Planning, Trust Admin, Venture Protection | 0 Comments

A distribution from a limited liability company (LLC) is a payment of cash or property made by an LLC to the LLC’s owners, also known as members. Although state law sets forth certain default rules, LLC members can specify in the LLC’s operating agreement when and how...
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