Blog

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...

Cryptocurrency has emerged as a significant asset class, radically transforming the financial landscape. As the popularity and acceptance of digital currencies continue to surge, understanding the tax implications of owning and inheriting cryptocurrency becomes increasingly essential. This article provides an in-depth exploration of the various tax considerations associated with cryptocurrency, focusing on capital gains tax, income tax, gift tax, estate tax, and strategies for effective tax management. Capital Gains Tax One of the most critical tax implications of cryptocurrency ownership is capital gains tax. This tax applies when you sell, exchange, or otherwise dispose of your cryptocurrency for fiat currency or another digital asset. Understanding the distinction between capital gains and losses is crucial. Capital Gain: If you sell your cryptocurrency for more than your original purchase price, you’ll incur a capital gain, which is subject to tax. This profit is taxed differently...