Preservation | Family Wealth Protection & Planning

Many reconnect with their family during their vacations. Your family may own a home on the beach, in the mountains, or in the country where multiple generations gather each year. The home may have been in your family for generations, or it may be newly purchased. Regardless, the family vacation home is a unique asset that symbolizes important memories and family connections. For this reason, you should specifically address the vacation home in your estate plan to avoid hard feelings and even disputes.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for October 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

Wolters Kluwer and Bloomberg Tax have released projected 2023 figures for the gift tax annual exclusion amount as well as the estate and gift tax lifetime exemption amount. These figures were determined using formulas contained in the Internal Revenue Code. They are based on the increase in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for the 12-month period that ended August 31, 2022.

Because of storms and flooding in the St. Louis area over the summer, the IRS recognized the city of St. Louis and Montgomery, St. Charles, and St. Louis counties in Missouri as a disaster area. As a result, taxpayers in the disaster area may qualify for tax relief including possible extensions for filings and payments until Nov. 15, 2022.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for September 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for August 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for July 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The June 2022 decision by the Federal Reserve to raise the federal funds rate by 0.75 percent marks the largest such increase in 28 years. Among the many areas this move will affect are estate and wealth transfer planning, as many common strategies have an interest component that can have a significant impact on the success of the strategy.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for June 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.

The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for May 2022. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.