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Search Results: keywords:"estate planning"

  • 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.

  • H.R. 2419, known as the "Patient Fairness Act of 2025," aims to make several changes to the Internal Revenue Code related to health savings accounts (HSAs). It proposes allowing all individuals to contribute to HSAs, removing restrictions on purchasing health coverage, and increasing...

    Simple Explanation

    The "Patient Fairness Act of 2025" is a plan to let everyone save more money for health needs in special piggy banks called Health Savings Accounts. It also says that hospitals have to show how much things cost, and some rules will only start after the end of 2025.

  • The β€œHeirs 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.

  • S. 5296, titled the β€œREADY 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.

  • In H. RES. 206, the House of Representatives recognizes the importance of the "stepped-up basis" as defined under section 1014 of the Internal Revenue Code. This provision allows people who inherit assets like land or buildings to adjust the value for tax purposes to the...

    Simple Explanation

    In H. RES. 206, the House of Representatives says it's important for children to get family farms and small businesses without having to pay a lot of taxes. They want to keep a rule that helps people who inherit these businesses by adjusting the value to today's prices so it's not too expensive.

  • H.R. 1640 aims to help states that implement the Uniform Partition of Heirs Property Act by providing them with grants through a program established by the Secretary of Housing and Urban Development. The program supports residents with costs related to securing property...

    Simple Explanation

    H.R. 1640 is a plan to give money to help people keep their family homes by fixing ownership issues. It offers money to states and groups that help people, especially in communities that might need extra help, to understand and solve problems with property that has been passed down from family members.

  • 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.

  • 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.

  • H.R. 2089 aims to change the Internal Revenue Code to allow individuals to delay paying taxes on capital gains from mutual funds, as long as those gains are reinvested in additional shares of the mutual fund. This deferral ends when the individual sells the shares, redeems...

    Simple Explanation

    H.R. 2089 is a plan to let people wait on paying taxes on money they earn from investments in certain funds if they use that money to buy more shares in the same fund. But when they sell the shares or pass away, they will need to pay the taxes then.