LKA is leading the fight against Alzheimer's! Join our efforts by donating to the cause! Learn more

Litherland, Kennedy & Associates, APC, Attorneys at Law

Helping Families Preserve Their Wealth and Legacy

Connect with us today
(408) 356-9200

Home / Archives for Estate Tax

How Much Is the 2026 Federal Estate Tax Exemption?

Estate Planning, 2026 Estate Tax, estate taxation, Portability, Estate Tax, Taxes

When a new year rolls around, the government updates various parameters to account for inflation. From an inheritance planning perspective, these annual adjustments can have a meaningful impact, and the tax thresholds are especially relevant. With this in mind, many people are asking about the federal estate tax exemption for 2026. It has been established, and the increase will provide additional planning flexibility, particularly for high-net-worth individuals. 2026 Federal Estate Tax … [Read more...] about How Much Is the 2026 Federal Estate Tax Exemption?

Everything You Need to Know About Taxes on Inheritances

tax, Estate Planning, Estate Tax, Taxes, taxation, estate taxation, income taxation

You may have heard conflicting information about taxes on inheritances. Some claim you can inherit assets tax-free, while others warn of significant tax burdens. The truth is more nuanced. While most heirs do not pay direct taxes on what they receive, certain tax obligations can arise depending on the type of asset and how you handle it. Understanding these rules can help you avoid financial surprises. Inheritance Tax vs. Estate Tax: What’s the Difference? One of the biggest … [Read more...] about Everything You Need to Know About Taxes on Inheritances

2025 Federal Estate and Gift Tax Update (VIDEO)

Videos, Estate and Gift Taxes Videos, 2025 Estate and Gift Tax, Estate Tax, Estate Administration, Estate Planning

In this vlog, Litherland, Kennedy & Associates Attorney Justin M. Kennedy discusses the 2025 Estate and Gift Tax Exemptions.    Transcript: Hello, I'm attorney Justin M. Kennedy with Litherland, Kennedy and Associates, a California estate planning and elder care law firm. I want to let you know that the IRS has recently released the updated Federal Estate and Gift tax values for 2025. Currently, in 2024, the federal estate and gift tax exemption is $13.61 million … [Read more...] about 2025 Federal Estate and Gift Tax Update (VIDEO)

Understanding Estate Tax Portability

Estate Tax, Portability, Estate Planning

When it comes to estate planning, there's a silver lining that often goes unnoticed: the concept of portability. Imagine this – you've spent years of careful planning to pass on your assets to your spouse and loved ones. Then, you find out your spouse can actually make use of any unused estate tax exemptions from your estate. It's like a financial gift that keeps on giving, but how does it work? Let’s dive in. What Is Portability in Estate Tax Law? Portability is a feature in U.S. estate … [Read more...] about Understanding Estate Tax Portability

Tax Planning for 2023

Taxes, Estate Tax, Legal Education, Estate Planning, income tax, taxation

Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As we start off the New Year, we need to think of…tax planning! Some years Congress tweaks the laws more than in other years. While 2022 held plenty of events: the war in Ukraine, an improved “bivalent” coronavirus vaccine addressing new coronavirus variants, the U.S. midterms elections, etc., it was a relatively quiet year for legislative changes impacting planning. … [Read more...] about Tax Planning for 2023