When you acquire assets over the course of a lifetime, you pay taxes at the time you earn or purchase those assets. However, when you die, if you have a substantial amount to leave to your heirs, they could face additional taxes on your assets.
Who thinks about tax season in July? The answer is likely no one outside of an accountant’s or tax attorney’s office. But the confusion over how to complete tax forms may not go away for executors tasked with administering an estate. Obscure and dense tax forms can be vexing; especially for those who do not regularly deal with them.
As the President of the United States, Donald Trump is fighting to reform taxes. While action has yet to be taken by his administration, Trump, the brand and business, are pursuing its own form of a lower tax assessment on his golf club in Jupiter, Florida.
An attorney representing one side of a highly contested legal dispute referred to it as a rare settlement where everybody benefits and nobody gives up anything.