You may have been widowed or divorced, so you are now in a second or even third marriage. You and your spouse both came to the marriage with your own separate property. However, you also may have property that you …
Currently browsing Estate Taxation
To Gift Or Not To Gift
You have probably heard from family or friends that you can give up to $10,000 per year without having to report or pay tax on it. As is the case with most legal and tax advice you hear from family …
Reasons to do Estate Planning
As of January 2, 2013, the Federal estate and gift tax exemption amount has been permanently increased. If you pass away in 2013 and your lifetime and after-death transfers are under $5.125 million, your estate passes to your loved ones, …
AFTER 2012 Estate and Gift Tax Provisions
In recent columns, we talked about some of the highlights of the recently enacted 2012 American Taxpayer Relief Act. In addition to “permanently” extending the Bush-era tax cuts for most taxpayers, revising tax rates on ordinary and capital gain income …
November Savvy Save Millions in Estate & Gift Taxes in 2012
Especially with the presidential election this year, you have probably been hearing about the “temporary” Bush tax cuts that were implemented in 2001 and are scheduled to expire January 1, 2013. In 2012, tax rates are near historic lows. However, …
How to Protect Your Property From Yourself
If you are like most people, you are concerned about what happens to your property and other stuff after you become “old and funny.” You have worked hard your entire life to accumulate what you have and you want to …
July Savvy Separate Trusts Offer More Benefits
For most of my married clients, I typically prepare separate trusts for each spouse instead of a joint trust for both spouses. I am occasionally asked why. The reason is very simple, it is what most of my clients want. …
Dresser Drawer Deeds
“I don’t have to worry about probate because I have a quit claim deed.” You have probably heard this statement from family or friends or have said it yourself. You may attempt to do your own mini estate plan by …
Understanding Step Up Basis
It’s tax time again. Last year in 2011 you sold dad’s house, which you received after dad died in 2010. Dad originally paid $5,000 for the property in the 1950s, but you sold it for $125,000, for a gain of …
February Federal Estate Tax is a Voluntary Tax
You probably have not heard a lot of talk about the Federal estate tax lately. The most likely reason is that in our current estate tax system, your estate will only be subject to Federal estate tax if your taxable …