The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

Gift Tax and Estate Tax – Are They the Same Thing?

By JAMES EMMA

In the United States, transfers of wealth are subject to tax. When transferred during the giver’s lifetime, wealth is subject to gift tax, but when transferred after death, it is subject to estate tax.

Does Your Estate Plan Protect Your Digital Assets?

By JEANMARIE F. MOORE

Each year presents a new opportunity for you to revamp your estate plan. When the calendar turns over, take a peek at your strategy once again.

Gift Tax Basics

By JAMES EMMA

Sharing your wealth with family, friends, and loved ones may be easier said than done.

The IRS prevents the tax-free transfer of wealth both before and after death. The estate tax applies when you transfer wealth after death, and the gift tax applies when you transfer wealth during your lifetime. Although their rules are a bit different, the two taxes go hand in hand, which is something to be discussed later. But first, let’s go over the basics of gift taxes and discuss how the gift tax laws will impact you now and into the future.

10 Advantages of Using a CPA in Estate Administration

By LAURA WEBER-CARNEVALE

Most people hire a lawyer to administer a loved one’s estate after they pass. While having a lawyer involved is always advisable, there are many advantages to also working with a Certified Public Accountant (CPA) who specializes in estate planning and administration, even if the lawyer is a tax attorney.

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