Tag: capital gains

08 Dec

What About Trump and Estates?

Noah Weisberg Estate Planning, General Interest, In the News Tags: , , , , , , , , , , , 0 Comments

With his election victory in the not too distant past, President-elect Donald Trump is receiving extensive coverage in the media.  Although the issues following him vary widely, as we at Hull & Hull LLP are estates lawyers, our focus is on the effect the President-elect is having in the estates community.

US Estate Tax

As previously blogged by Hull & Hull LLP, the President-elect is considering abolishing estate tax in the United States altogether.  This is a departure from the current US model which sees married couples exempt for the first $10.9 million in their estate, with any surplus amount being taxed at 40%.  In relation to this current model, recent polls suggest that in 2015 only 10,800 estate returns were filed with about half of those being taxable.

No date has been set for the anticipated repeal.tbqgv72e0b

Capital Gains

As well, the President-elect seeks to change capital gains owing at death such that if capital gains are held until death and valued under $10 million, they will not be taxed.  Apparently, the rationale is to support small businesses and family farms.

As a result of this change, it is predicted that beneficiaries of large estates will be able to avoid paying capital gains on the inherited asset if they do not sell what they inherit.  They can wait to pay the tax when there is an opportune time to do so.  Otherwise, those beneficiaries who are in ready need of money, will have to sell the asset, thereby triggering the tax owing.

So What?

As a result of the changes to estates and capital gains tax, pundits predict the dawn of dynastic wealth (i.e. monetary inheritance that is passed on to generations that didn’t earn it) in the United States of America.

Now, given what we have learned about the President-elect’s platform regarding estate tax and capital gains tax, consider meeting with a professional advisor to ensure your estate plan is up to date.

Find this topic interesting?  Please also consider these related Hull & Hull LLP Blogs:

Noah Weisberg

30 Oct

Rolling Assets Into Trust – Hull on Estate and Sucession Planning Podcast #84

Hull & Hull LLP Archived BLOG POSTS - Hull on Estates, Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Podcasts, PODCASTS / TRANSCRIBED Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 0 Comments

Listen to Episode 84 – Rolling Assets Into Trust
This week on Hull on Estate and Succession Planning, Ian and Suzana further last week’s discussion on trusts and tax planning wills by illustrating the benefits of rolling over assets and being conscious of tainted trusts.

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21 Aug

The Family Cottage and Capital Gains Taxes – Hull on Estate and Succession Planning #74

Hull & Hull LLP Estate Planning, Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Podcasts, PODCASTS / TRANSCRIBED Tags: , , , , , 0 Comments

Listen to "The Family Cottage and Capital Gains Taxes"
Read the transcribed version of "The Family Cottage and Capital Gains Taxes"

This week on Hull on Estate and Succession Planning, Ian and Suzana discuss different options for dealing with capital gains tax as it pertains to investments like ‘The family cottage’.

Click "Continue Reading" for the transcribed version of this podcast.

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14 Aug

Capital Gains Taxes – Hull on Estate and Succession Planning Podcast #73

Hull & Hull LLP Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Podcasts, PODCASTS / TRANSCRIBED Tags: , , , , , , , , , , 0 Comments

Listen to "Capital Gains Taxes"
Read the transcribed version of  "Capital Gainst Taxes"

In this week’s episode of Hull on Estate and Succession Planning, Ian and Suzana talk about capital gains taxes and what you need to know about them relating to the family cottage.

Click "Continue Reading" for the transcribed version of this podcast.

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31 May

Hull on Estate and Succession Planning Podcast #10 – A Discussion of Taxes

Hull & Hull LLP Hull on Estate and Succession Planning, Hull on Estate and Succession Planning Tags: , , 0 Comments

LISTEN HERE

READ THE TRANSCRIBED PODCAST HERE

During this podcast, Suzana discussed the type of taxes that arise on death and suggested ways to defer or reduce each of them:

(i) capital gains tax;

(ii) tax on RRSP and RRIF assets; and

(iii) probate fees Suzana then discussed other tax reduction strategies as well. ——–

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