Portland Oregon Legal Planning News
If you own commercial property, you've likely spent years building and managing your real estate investments. As a Portland, Oregon will and trust lawyer, I've guided many property owners through the complex process of including these valuable assets in their estate plans. The truth is, passing down commercial property requires much more careful consideration than transferring a family home.
Read MoreAs a Portland, Oregon inheritance lawyer, I often recommend Irrevocable Life Insurance Trusts (ILITs) to clients looking to protect their family's wealth. Life insurance is a powerful estate planning tool, but without proper planning, it can become vulnerable to creditors or unnecessarily inflate your taxable estate, especially here in Oregon, where we have the lowest exemption rate in the country (your estate is taxed on everything you own at your death over $1 million). Let's explore how an ILIT can help safeguard your family's financial future.
Read MoreAfter you’ve rung in the New Year, it’s time to start getting down to business and thinking about tax season. While it’s not the merriest time of the year, tax season is a great time to review your finances and the changes that may impact how you file. Every year, the Internal Revenue Service provides its updated tax inflation adjustments. These yearly amendments lay out the amounts exempt from federal estate and gift taxes. Due to inflation, the IRS has increased estate tax exclusions for 2023. What does that mean for you?
Read MoreFederal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate didn’t exceed exemption thresholds. With the deceased spouse’s unused exclusion (DSUE), the surviving spouse can transfer their spouse’s unused federal gift or estate tax exemption upon death.
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