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  • The Tax Cuts and Jobs Act that was passed in December of 2017 made changes to both gift and estate taxes. These changes did not repeal gift and estate taxes, rather the exemptions on these taxes were raised, which in turn reduced the number of taxpayers subject to them. A gift tax exclusion permits you to make annual gifts without incurring gift tax liability. Currently, the limit is $17,000 per recipient. There is also a lifetime gift tax exemption that is set at $12.92 million per person. This means, in addition to the annual exclusion, you may give up to […]

  • Nebraska is one of six states that imposes an inheritance tax when a resident of Nebraska, or an owner of land located in Nebraska, passes away. Spouses and charities are exempt. For transfers to other immediate family members, namely parents, siblings, children, and grandchildren, the inheritance tax rate is 1% on the value of the property that passes to each person over an exemption amount of $40,000 per person. For transfers to remote relatives (e.g., aunts, uncles, nieces, and nephews), the inheritance tax rate is 13% on amounts over an exemption amount of $15,000 per person. For transfers to unrelated […]

  • With the election of President Biden, coupled with the Democrats taking control of the House and Senate, there may be changes to the federal estate and gift tax-related laws.  However, due to the debate over legislation related to Covid-19 stimulus plans, some think the complex estate tax law changes may not be considered until the fall of 2021. Biden’s proposed changes to federal estate tax laws include: Reducing the estate tax exemption to $3.5 million; Increasing the federal estate tax rate to 45%; Eliminating the step-up in basis to the date of death fair market value of appreciated assets. Current […]

  • Ownership of oil, gas or mineral interests can be rewarding, but can also be complicated, especially if the interests are owned by an individual person…and that person dies. There are options available to make the transition of who receives the benefit of the interests relatively smooth and uneventful. Before you can transfer ownership of your oil, gas or mineral interest, you must determine what type of interest you own. Do you own the actual real property – the land – that contains the oil, gas or mineral deposits? Or is your interest limited to a right to the oil, gas […]

  • There are many reasons to include a trust in your estate plan. While you may think of trusts being used by wealthy individuals, there is no wealth requirement to establish a trust rather it is about choice and control. A trust is a legal document created to accomplish certain family, tax, or other financial objectives. Think of a trust as a private agreement between the person who creates the trust (called “grantor” or “settlor” – same meaning) and the person the grantor designates to manage the trust assets (called the “trustee”) for the benefit of the trust’s “beneficiaries.” There are […]

  • The topic of succession planning can be overwhelming.  Where do you start? What steps do you take? Rest assured that the process is not as daunting as it may seem. In reality, you can approach succession planning with one single hand.  Even with your phone or tablet in one hand, you have a hand left to assist you with planning. Reach out, pull in information and ideas, and stretch to consider expectations: Have you talked generally about succession planning with your family, friends, others involved in the same type of business, and lenders? Have you assembled your professional team to help you – an […]

  • If you give anything of value, whether cash, equipment, or land, to someone as a gift, you may wonder if you or the recipient will have any tax consequences.  If it is truly a “gift” and not payment for something, then generally there will not be an income tax consequence.  While you should consult your CPA or attorney, in general, the only tax that may be at issue is federal gift tax.  Many gifts are not subject to the gift tax.  Following are a few gift tax tips: 1. General rule. The general rule is that any gift is a […]