Tag Archives: tax
Changes to Tax Laws Should Prompt Review of Existing Trusts
Generally, irrevocable trusts are created with the intention that they will not be adjusted based on subsequent circumstances. Still, you should regularly review the terms of an irrevocable trust to see if changes in the law or your personal situation might warrant exploring the possibility of a revision. Many people establish irrevocable trusts to minimize […]
Capital Gains Tax Exclusion on Sale of Primary Residence — Married vs. Single Sellers; Ownership Implications When Only One Spouse Is on Title
Avoiding Capital Gains on the Sale of Your Primary Residence When you sell your primary residence, the IRS offers a generous tax benefit: a capital gains exclusion of up to $250,000 per person. That means most married couples can exclude up to $500,000 of gain on the sale—potentially avoiding capital gains tax altogether. But there […]
