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The recent budget agreement passed by the House and Senate has significant implications for individuals and families, particularly when it comes to estate planning. While the headlines often focus on broad fiscal policy, understanding the specific changes affecting estate taxes, gift taxes, and related provisions is crucial for protecting your assets and ensuring your legacy. This article breaks down the key aspects of the budget relevant to estate planning, helping you understand how these changes might impact your financial future. Understanding the Budget's Impact on Estate Taxes One of the most critical areas of focus for estate planners is the potential for changes to the estate tax exemption. While the recent budget did not make any immediate changes to the current exemption levels , it's important to understand the context and potential future shifts. Current Estate Tax Exemption: For deaths occurring in 2025, the estate tax exemption rises to $13.99 million, up from $1...

The Small Business Administration (SBA) plays a crucial role in supporting small businesses across the United States by providing resources, assistance, and access to capital. Its mission is to help entrepreneurs start, grow, and thrive in their businesses, contributing significantly to the overall economy. Small businesses are essential to the US economy, providing a substantial number of jobs and contributing significantly to tax revenue. There are approximately 33.2 million small businesses in the US, which make up 99.9% of all businesses in the country. Small businesses employ about 46.4% of all private sector employees in the US and are responsible for creating roughly two out of every three new jobs. They account for 39.4% of the total private sector payroll in the US, translating to a considerable contribution to income taxes, Social Security, and Medicare. Additionally, small businesses generate about 43.5% of the US's economic activity (GDP). https://www.bls.gov/ Who is Ke...

This executive order was signed into law by Trump on January 20, 2025, a few hours after he was inaugurated as the 47th president of the United States. This order aims to drastically overhaul immigration enforcement, framing the past four years as an "unprecedented flood of illegal immigration," that threatens national security and public safety. The order core policy is the "faithful execution" of immigration laws against all inadmissible and removable aliens, particularly those 'deemed' a threat. Key provisions include: Revocation of Previous Orders: Revokes several 2021 executive orders related to immigration enforcement and priorities. Enforcement Priorities: Directs DHS to prioritize enforcement that protects public safety and national security, focusing on enforcing removal orders. ICE, Homeland Security Investigations division, primary mission will be enforcing immigration laws related to illegal entry and presence. The Attorney General will prior...