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  2. Are Legal Fees Tax-Deductible? - AOL

    www.aol.com/finance/legal-fees-pay-tax...

    In addition, legal fees related to buying a house, purchasing a personal vehicle or procuring personal legal advice aren’t deductible. Legal fees related to disputes over inheritance or will ...

  3. Donor-advised fund - Wikipedia

    en.wikipedia.org/wiki/Donor-advised_fund

    A donor-advised fund has some disadvantages compared to a private foundation, and some advantages. Both can accept donations of unusual or illiquid assets (e.g., part ownership of a private company, art, real estate, partnerships or limited partnership shares), but a donor-advised fund has higher deductions for these gifts (depending on the gift).

  4. United States trust law - Wikipedia

    en.wikipedia.org/wiki/United_States_trust_law

    The "credit shelter trust" generally only works for married couples since (a) the tax code provides the opportunity to shift assets between married persons for an unlimited amount by means of the unlimited marital deduction; and (b) unmarried persons attempting to do the same would be impacted by the "gift tax" during life.

  5. Gift tax - Wikipedia

    en.wikipedia.org/wiki/Gift_tax

    In order for it to work, an individual must specify that the gift amount does not exceed $15,000 annually, per beneficiary and is part of the trust when it is drafted. Payments as a means for support can be exempt from gift tax in the case of payments for room and board or higher education that is a legal obligation for children or other ...

  6. Are financial advisor fees tax deductible? - AOL

    www.aol.com/finance/financial-advisor-fees-tax...

    The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer ...

  7. Crummey trust - Wikipedia

    en.wikipedia.org/wiki/Crummey_trust

    However, the annual gift exclusion from the gift tax ($17,000 per individual and $34,000 per married couple as of 2023 [1]) is only available for gifts of so-called present interests. Normally, a gift into a trust that comes under control of the beneficiary at a future date does not constitute a present interest. [2]

  8. Estate tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Estate_tax_in_the_United...

    The fiscal year 2014 budget called for returning the estate tax exclusion, the generation-skipping transfer tax and the gift-tax exemption to the 2009 level, $3.5 million, in 2018. [45] The exemption amounts set by the Tax Cuts and Jobs Act of 2017 , $11,180,000 for 2018 and $11,400,000 for 2019 again have a sunset and will expire 12/31/2025

  9. Generation-skipping transfer tax - Wikipedia

    en.wikipedia.org/wiki/Generation-skipping...

    The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]