The fiscal cliff has seemingly been averted, at least temporarily. The recently enacted 2012 American Taxpayer Relief Act signed by President Obama January 2, 2013 is a sweeping tax package. It includes, among many other things, “permanent” extension of Bush-era …
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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 …
Taxation of Tax-Advantaged Accounts
I received a text message from my 24 year old son Luke the other day. Luke graduated from college earlier this year. For the first time in his life, Luke has signed up to participate in a retirement program, his …
Children’s Accounts May Need to be Probated
In an attempt to do your own mini-estate plan and avoid probate, you may have set up and transferred funds to special accounts for the benefit of children, grandchildren or other relatives. These could be set up under the Uniform …
Tax Increases Likely in 2013
Tax rates are near historic lows. However, these rates are only the “temporary” Bush tax cuts that were implemented in 2001 and are scheduled to expire January 1, 2013. There is currently a stalemate in Washington over what to do. …
Real Estate in Your IRA
I haven’t discussed IRA real estate investments in a while. I have received a number of inquiries regarding these investments within the last few months. So, I have decided to revisit this topic and update the information for you. With …
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 …