Advance planning works best when you understand the rules before they take effect. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, bringing a number of tax changes that will impact individuals, families, and business owners beginning in 2025 and 2026. Some provisions create new opportunities, while others eliminate familiar benefits. … Read more
When protecting your legacy, even a small oversight in your estate plan can have significant consequences. From outdated beneficiary designations to missed tax-saving opportunities, common estate planning mistakes can create confusion, trigger unnecessary taxes, or even lead to family disputes. Here are 5 Estate Planning Mistakes That Could Cost Your Family. 1. Overlooking Non-Probate Assets … Read more
As the Internal Revenue Service prepares for the upcoming tax year, they have announced significant adjustments to account for inflation in 2025. These comprehensive changes will affect virtually every taxpayer in the United States, from individuals and families to businesses and estates. For instance, a single filer earning $ 50,000 a year will see their … Read more
In the realm of estate planning, staying ahead of evolving tax laws is essential for safeguarding your wealth and securing a prosperous future for your family. With the Tax Cuts and Jobs Act of 2017 bringing historically high exemption levels, now is the time to take proactive steps to maximize your financial legacy. However, these … Read more
Estate taxes, often referred to as the “death tax,” are taxes levied on the transfer of the estate of a deceased person. Understanding these taxes and the strategies to minimize them is a crucial aspect of estate planning. This knowledge can help ensure that a greater portion of your assets passes to your beneficiaries rather … Read more
Attorneys have long advised entire families with respect to their estate planning. Ethics require attorneys to maintain a duty of loyalty to each client they represent and fully advise their clients regarding the structures they are recommending. Sometimes even when the transaction works exactly as intended, lawyers get sued.
Compliments of the McGee Law Firm, Attorney Brandon McGee Actor Wesley Snipes has given the anti-tax movement in the U.S. a new face. The actor earned more than $38 million between 1999 and 2004, but failed to file any income tax returns for those years. He and his co-conspirators claimed that a technicality in the … Read more
Transferring real estate to a trust has become a widely used tool in estate planning. Unfortunately, it’s easy to overlook important aspects of the transfer that lead to unintended consequences. With careful planning, you can avoid these traps. Read on to learn more.
If you set up a trust or other investment vehicle for your child, that child could incur taxes at a rate much higher than anticipated. The Kiddie Tax was enacted to prevent parents from transferring investments to the name of their child or children to take advantage of that child’s lower tax rate. Read on to learn more.