News Author: Gurneet Takhar
Did You Buy Marriage Insurance? The Importance of Prenuptial Agreements in Community Property States
Around the world there are millions of people who rely on insurance for homes and vehicles to celebrity body parts. Nowadays, there is even insurance to cover the postponement or cancellation of one’s wedding. Ironically, the average couple prefers to forgo the “marriage insurance” a proper prenuptial agreement can provide because of the stigma associated
It is Now Easier and Less Expensive to File a Late Portability Election via Form 706
On July 8, 2022, the IRS issued Rev. Proc. 2022-32 that simplified the method for obtaining late relief for failure to timely make an estate tax portability election and extending the time for filing portability returns from two years after the death of the first-to-die spouse to five years. A portability election allows the surviving
Washington’s New Capital Gains Tax is Overturned as Unconstitutional
In 2021, Washington State Legislature passed ESSB 5096, which created a 7% tax on the sale or exchange of long-term capital assets (stocks, bonds, business interests, or other investments, and many tangible assets) if the profits exceed $250,000 annually (up to $500,000 for married couples filing jointly), with inflation adjustments beginning in 2024. The Washington
Christmas in July? UPDATE to ‘Tis the Season: A Gifting Opportunity
In November, 2020, Lasher Estate Planning attorney, Gurneet Takhar, published the original post “‘Tis the Season: A Gifting Opportunity.” This is an update. If you are in the holiday spirit this season, you may wish to make gifts using the 2021 annual federal gift tax exclusion amount. To qualify for this exclusion for the year
‘Tis the Season: A Gifting Opportunity
If you are in the holiday spirit this season, you may wish to make gifts using the 2020 annual federal gift tax exclusion amount. To qualify for this exclusion for the year 2020, the gifts must be made no later than December 31, 2020 if being made directly to an individual or December 1, 2020 if being made to