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Sharon Ravenscroft Estate Planning Blog

Welcome to my blog covering all things estate planning, family estate planning. business planning, wills, trusts & probate.

Gift and Estate Tax Changes 2024

The amount that can pass estate tax free has increased to $13.61 million per person.  A married couple with the appropriate language in thei...

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New Federal Reporting Requirements Business Entities.

Congress has passed the Corporate Transparency Act ("CTA"), which went into effect on January 1, 2024. The purpose of the CTA is to prevent bad actors...

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Estate Planning Changes 2023

 The good news is the estate tax exclusion for 2023 has increased to $12.92 million. This is the total amount that can be given by one person dur...

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Estate Tax Exclusion Change Now and in 2025

The estate tax exclusion has increased to $12.06 million. This is the amount one person can pass gift and estate tax free during their life or upon de...

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New laws for IRAs

Effective in 2020, there are changes that apply to a qualified retirement account such as IRA or 401k. Designated beneficiaries will be required to di...

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2020 Tax Exemption Increased

  In 2020, the estate tax exclusion increases to $11.58 million. The present gift exemption remains at $15,000. Most Americans can avoid any tax ...

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Updated Estate Tax Exclusion for 2019

In 2019, there will be an increase in the amount that can pass estate tax free -- one person can now pass a total of  $11.4 million during life a...

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Does my trust need its own Tax Identification number?

‚Äč If your trust is a revocable trust then your social security number can be used for any accounts titled in the name of the trust. You will not ...

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Avoiding Probate Guidance

Keeping the court out of your assets and business is not difficult but does require certain steps. Be sure all accounts in your name have a pay on dea...

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Why do assets need to be titled in Trust?

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