If you’re 50 or older and in a high-income bracket, a new rule means that a familiar tax deduction for extra catch‐up contributions to your 401(k) may vanish and you’ll be required to make those extra contributions to an after-tax Roth account.
Trusts are a common tool for bypassing probate, but states offer other options as well. These vary widely, underscoring the importance of understanding local laws if probate avoidance is a priority.
The Internal Revenue Service (IRS) has released the gift tax and estate tax exclusions going into effect January 1, 2026. The federal estate tax exemption will increase to $15 million per individual; the annual gift tax exemption will remain at $19,000.
Here are some issues grandparents should consider before making gifts to grandchildren or other family members.