Should You Consider Changing Your Domicile…

...for Estate Tax Purposes?

Pursuant to the American Taxpayer Relief Act of 2012, the 2015 estate value eligible for exclusion from federal estate, gift, and generation-skipping taxes is $5,430,000. In other words, upon your death, the transfer of your assets to your beneficiaries may be subject to federal estate tax if your estate is valued at more than $5,430,000. For couples, this means that just over $10.8 million can be passed to your heirs without incurring any federal estate tax. A vast majority of couples in the U.S. will not need to worry about their estate having to pay federal estate taxes

 

How To Monetize Your Heirlooms

What you consider to be an heirloom might not be to younger generations. Have your adult children already started asking you what you are going to do with all your “stuff” when you retire? Years of furniture, souvenirs, great deals, and collections add up over time.

 

You, Inc.: The Leap Into Self-Employment

 

After working for someone else, self-employment can be an exhilarating change. But it is also fraught with potential pitfalls, including the possibility of running out of money before your new venture even gets off the ground. One way to help improve your chances of success is to do as much advance planning as possible. As you can see in the U.S. Bureau of Labor Statistics chart below, about 50% of new businesses will close within their first five years of existence.