04 June
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Marital Deduction Funding Formulas for Revocable Trusts
The choice of marital deduction funding formula can affect the revocable trust in many ways. ...
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The choice of marital deduction funding formula can affect the revocable trust in many ways. ...
Continue readingDear Mom and Dad, Good news, for the first time since 2009 the IRS has raised the gift amount allowable under the annual exclusion. In 2013 a person will be able to give $14,000 to any and each donee, free of gift tax (see Rev. Proc. 2012-41). As an example, in 2013 I will be able to give each of my five children $14,000, or $70,000 total. Because my wife will also be permitted to make use of her own annual exclusion amount, together we can give up to $140,000 to our children next year, free of gift tax, under our combined...
Continue reading[vc_row triangle_shape="no"][vc_column][vc_column_text]Several dozen wealthy people, including Warren Buffet, Bill Gates, Sr., Jimmy Carter, and George Soros, have signed a statement calling for a "strong tax on the largest estates." The statement was released on Tuesday by a group called "United For a Fair Economy." Bill Gates, Sr. noted, “Those of us who have signed this statement to date – including my friend Warren Buffett – believe that a $4 million exemption per couple and a 45% rate, rising on the very largest fortunes, is perfectly reasonable, and should be put into law. Particularly in the face of the devastating cuts to social...
Continue readingGood morning America. President Obama has won another four-year term as President of the United States! So what might that mean for the estate and gift tax laws? While the President certainly surprised most everyone in December 2010 by temporarily raising the exemption equivalent of the unified credit to $5,000,000 and lowering the transfer tax rates to 35%, those hoping for the estate tax to disappear should probably not look for another similar surprise. The probability is now greater that we’ll have lower exemption amounts (as low as $1,000,000) and higher transfer tax rates (as high as 55%). Let me be clear,...
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