Example. A trust maker wants to set up an asset protection trust that is as tax-efficient as possible, accounting for capital gains taxes and estate taxes. The trust maker’s gross estate has a ...

Some assets, however, may be excluded, affecting the estate's value and tax obligations. Understanding what is included in the gross estate is important for inheritance, taxes, and the executor's ...

Although it may seem like it is a good idea to permanently remove assets from the gross estate for transfer tax purposes, making a completed gift is often a costly tax mistake that will result in ...

The federal estate tax applies to combined gross assets and prior taxable gifts that exceed $11.7 million per individual and $23.4 million for couples in 2021. However, some states have lower ...

Your adjusted gross income, or AGI, is your total income minus specific deductions. AGI determines your eligibility for tax credits, deductions, and retirement account contributions. Subtract the ...