This topic hits close to home for me. My wife’s family is still in Japan, and our family will be directly affected by this tax when the older generation passes. For anyone with relatives or assets overseas, it is worth reviewing the inheritance and estate tax rules of each country involved, because the impact can…
Posted: 3/6/2026 Updated: 4/9/2026 Governor Ferguson signed SB 6346 into law on March 30, 2026, making Washington the first state in nearly a century to enact a broad-based personal income tax. Legal challenges are already underway, and a separate effort to place a repeal measure on the November 2026 ballot is in progress. We will…
As a business owner, you work hard to build something meaningful, not just for yourself, but for your family and future generations. But without careful planning, a significant portion of your legacy could be lost to estate taxes. Effective estate planning can help preserve your wealth and ensure a smooth transition of your business assets.…
The Tax Cuts and Jobs Act (TCJA) of 2017 introduced major changes to the tax code that have significantly impacted small businesses. Among its key provisions were the qualified business income (QBI) deduction, a bonus depreciation deduction for qualifying property, and new limitations on business interest expense deductions under section 163(j) of the Internal Revenue…
The existing federal estate and gift tax exemption stands at an impressive $13.61 million per individual ($27.22 million for couples), but this is set to decrease significantly on January 1, 2026. The exemption will automatically revert to $5 million, adjusted for inflation (estimated at $7 million), if there are no legislative changes. This cap includes…