Search Results: keywords:"estate planning"

  • H. R. 7035 — To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes.
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    Status:Introduced in House
    Words:2,042

    H.R. 7035, also known as the "Death Tax Repeal Act," proposes to eliminate the estate tax and the generation-skipping transfer tax, which are taxes imposed on transfers of wealth at death and to grandchildren, respectively. The bill aims to change the Internal Revenue Code of...

    Simple Explanation

    H.R. 7035 wants to stop certain taxes when people give money or things to their family after they pass away, making it easier for families to keep their stuff without paying extra. But, some people worry this might not be fair because it could let rich people keep getting richer without sharing.

  • H. R. 8127 — To establish a grant program for States that adopt the Uniform Partition of Heirs Property Act, and for other purposes.
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    Status:Introduced in House
    Words:1,569

    The H.R. 8127 Heirs Estate Inheritance Resolution and Succession Act of 2024, or the HEIRS Act, proposes a grant program encouraging states to adopt the Uniform Partition of Heirs Property Act. The bill aims to provide financial assistance to those settling or documenting...

    Simple Explanation

    The HEIRS Act is like a helping hand for families to sort out who owns land when someone passes away, especially for families who don't have much money. It gives money to states and groups that show people how to keep their homes and share land fairly.

  • S. 5296 — To amend the Internal Revenue Code of 1986 to provide for Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts.
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    Status:Introduced in Senate
    Words:3,881

    S. 5296, titled the “READY Accounts Act,” aims to amend the Internal Revenue Code to establish Residential Emergency Asset-accumulation Deferred Taxation Yield (READY) accounts. These accounts are designed to help individuals save money specifically for home disaster...

    Simple Explanation

    The READY Accounts Act is like a special piggy bank where people can save up to $4,500 a year for home repairs to protect their houses from storms or other natural disasters, and they can save money on their taxes by using this piggy bank. If they use the money for anything else, they have to pay extra taxes as a penalty.

  • S. 3988 — To amend the Internal Revenue Code of 1986 to modify rules for grantor trusts.
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    Status:Introduced in Senate
    Words:1,851

    The proposed bill, known as the Getting Rid of Abusive Trust Schemes Act (GRATS Act), seeks to amend the Internal Revenue Code to change rules regarding grantor trusts. It introduces a requirement for grantor retained annuity trusts to have a minimum term of 15 years and...

    Simple Explanation

    The Getting Rid of Abusive Trust Schemes Act (GRATS Act) wants to change the rules about special types of money-saving trust accounts so they are harder to use in tricky ways to pay less taxes. It suggests that these trusts should last a long time, like 15 years, and that when people pay certain taxes for the trust, it might count as giving a gift, which could mean paying more taxes.

  • S. 4899 — To establish a grant program for States that adopt the Uniform Partition of Heirs Property Act, and for other purposes.
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    Status:Introduced in Senate
    Words:1,587

    The “Heirs Estate Inheritance Resolution and Succession Act of 2024” (HEIRS Act of 2024) aims to establish a grant program to help states that implement laws similar to the Uniform Partition of Heirs Property Act. The bill allows states, territories, tribal governments, and...

    Simple Explanation

    The HEIRS Act of 2024 is like a helper program that gives money to states and groups to help people figure out who owns their family's property when someone passes away, especially if they don't know who the owner is. This helps families, especially those with less money, to pay for things like lawyers and advice so they can keep or sell the property fairly.