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Elder Law

Why You Should Pay Your Charitable Gifts in One Year

For those of you who may make significant charitable gifts each year, the following may help you get more out of those gifts for income tax purposes. Let’s say you are married and you are in the 24% income tax bracket. In recent years past, you and your spouse could either itemize your deductions on schedule A of your 1040, or together you and your spouse could use the $13,000 standard deduction, which anyone can take, even if they have no itemized deductions. So each year you would calculate your Schedule A deductions and if those were more than the standard...

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Relationship Between Estate Taxes and Gift Taxes Explained

In my prior blog several months ago, I explained in general terms the rules concerning lifetime gifting and potential gift taxes associated with such gifts. I now move on to the estate tax. The estate tax and gift tax are linked at the hip, so to understand the estate tax, it’s necessary to lay some groundwork by explaining the relationship between the estate and gift taxes. Under current law, each US citizen, (as well as resident aliens, and we are talking legal resident aliens here), has an exemption from the gift tax of $5.49 million. This means that, in addition to...

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The Only Reason the Government is Shut Down

The Republicans voted to fully fund the government, but added a requirement that everyone, including the Congress, Senators and their staff people, live under Obamacare. No more special waivers for the Senators, Congress and their staffs, and no waivers for big business without the same waivers for individuals. That is all the Republicans are asking for. Obama refused to negotiate and Senate Democrats refused to pass it. So, if you are in the minority of Americans not already opposed to Obamacare, keep in mind that the only reason the government is shut down right now is that Democrats refuse to fund the...

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