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estate tax Tag

Facebook Founder Renounces U.S. Citizenship, Saves Taxes

By Attorney David M. Grant It was announced on Bloomberg.com earlier this week that one of Facebook's founders, Eduardo Saverin, renounced his US citizenship last September.  The article is very good at explaining Mr. Saverin's savings as related to the capital gains tax, but fails altogether to point out his huge potential transfer tax savings as related to the Gift Tax, Generations Skipping Transfer (GST) Tax, and Estate Tax. While he undoubtedly paid the "exit" tax or the expatriation tax (see the Heroes Earnings Assistance and Relief Tax Act of 2008), all future growth and appreciation in Saverin's estate will no longer be subject to...

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Obama’s New Tax Proposals

By David M. Grant, Esq., Partner at Grant Morris Dodds Recently President Obama released his 2013 budget proposal.  Following is a summary of his budget points as it relates to income tax, estate tax, gift tax, and Generation Skipping Transfer (GST) tax reform: Limitation on Itemized Deductions and Personal Exemption Phase-out. The proposal would reinstate the limitation on itemized deductions and the personal exemption phase-out for upper-income taxpayers. The Adjusted Gross Income (AGI) thresholds would return to the 2009 levels, and would be indexed for inflation thereafter.  The thresholds would be $250,000 for married taxpayers filing joint returns, $225,000 for head-of household taxpayers,...

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