On February 13, 2025, U.S. Senators Kevin Cramer (R-ND) and John Thune (R-SD) introduced the Death Tax Repeal Act, a bill aimed at permanently eliminating the federal estate tax and generation-skipping transfer tax. The proposed legislation also seeks to reduce the federal gift tax rate from 40% to 35%, while maintaining the step-up in basis for inherited assets.
Why This Matters
Senator Cramer emphasized that taxing assets after death results in double taxation, as individuals already pay taxes on their income during life. Senator Thune pointed out that the estate tax disproportionately burdens family-owned businesses, making it difficult for them to pass down wealth across generations.
February 19, 2025 | Tax Planning
On February 13, 2025, U.S. Senators Kevin Cramer (R-ND) and John Thune (R-SD) introduced the Death Tax Repeal Act, a bill aimed at permanently eliminating ...
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February 17, 2025 | Estate planning
When people hear the word “trust,” they often assume it’s a tool reserved for the ultra-wealthy to pass down millions of dollars to future generations. However, trusts are not just for the wealthy. In fact, they can ...
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February 12, 2025 | Financial Planning
As 2025 begins, clients and advisors should be proactively planning to optimize their wealth strategies. With potential tax changes, the sunsetting of certain exemptions, and evolving regulations, staying ahead ...
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February 10, 2025 | Estate planning
When it comes to estate planning, many high-net-worth individuals hesitate to transfer assets out of their control. A common misconception is that once assets are ...
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February 5, 2025 | Financial Planning
Investing is one of the most effective ways to grow your wealth over time. While it comes with risks, a well-planned strategy can help you ...
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February 3, 2025 | Tax Planning
Tax Preparation Tips Organizing your documents ahead of tax season can save time and ensure you don’t miss out on potential deductions. Be sure to ...
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January 27, 2025 | CTA Compliance Service
On January 23, 2025, the U.S. Supreme Court made headlines by granting the government’s motion to stay a nationwide injunction that had temporarily halted enforcement ...
Learn MoreJanuary 27, 2025 | Financial Planning
A well-structured financial system is the foundation of a healthy financial life. By organizing your financial documents, you can save time and money, reduce stress, ...
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January 22, 2025 | Tax Planning
Tax season can feel overwhelming, but careful preparation can make filing easier and help you save money. Here’s a summary of important updates, tips, and ...
Learn MoreJanuary 15, 2025 | Insurance & Risk Management Services
Think you don’t need disability coverage? Think again. We draft a will. Create an estate strategy. And purchase life insurance. But few of us consider ...
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