Search Results for: estate planning
What Do Tax Lawyers Do?
…personal wealth to minimize your taxes. Other wealth management services tax attorneys offer include: Estate tax planning Creating wills and trusts Forming/structuring businesses Preparing contracts Advising on international tax considerations…
How to Limit a Executor’s Personal Liability for Taxes
An estate’s executor or adminstrator, also know as a personal representative (“PR”), is personally liable for paying the decedent’s remaining tax bills, be they income taxes, gift taxes or estate…
2009 Tax Update
A few things have changed with the coming of a new year—below are some tax items to be aware of. Estate and gift taxes: The basic federal estate-tax exemption increased…
Unfiled FBAR Penalties Survive Death
…government filed a motion to appoint and substitute a personal representative for Mr. Gill’s estate. Mr. Gill’s counsel filed an opposition, arguing that the Government’s claims did not survive death,…
65 Day Election on March 6, 2023
…are fiduciaries, as well as the returns of the beneficiaries of those trusts and estates. Trusts and estates generally pay higher tax rates than individuals, so the election often leads…
Top 9 Most Expensive Medicaid Mistakes
…Hundreds of thousands of dollars are at stake, it is not worth the risk. 8. Failing to properly prepare for estate recovery. The estate recovery program can mean the loss…
Off the Cliff Commentary About the New 2013 Tax Law
…estates will pay more estate tax due to the rate increase. Permanent and retroactive patch for the AMT. If we have to have an AMT, then it makes sense to…
New Jersey inheritance tax
If you live in New Jersey, then you’re lucky enough to live in one of the two states that collects both a separate state inheritance tax and estate tax (the…
Difference between Form 8938 and FBAR Requirements
…foreign private equity funds Yes No Foreign real estate held directly No No Foreign real estate held through a foreign entity No, but the foreign entity itself is a specified…
FBAR compared to Form 8938: Differences, Which to File, When to File, etc.
…foreign non-account investment assetsYes, as to foreign accountsForeign-issued life insurance or annuity contract with a cash-valueYesYesForeign hedge funds and foreign private equity fundsYesNoForeign real estate held directlyNoNoForeign real estate held…
Benefits of an IRA Trust
…estate since the IRA Trust can be drafted to minimize or even eliminate estate taxes in the beneficiary’s own estate. An IRA Trust can also be used to guarantee that…
Comparison of Form 8938 and FBAR Requirements
…with a cash-value Yes Yes Foreign hedge funds and foreign private equity funds Yes No Foreign real estate held directly No No Foreign real estate held through a foreign entity…
Medicare and Medicaid Basics
…quickly qualify for Medicaid benefits. Giving general rules for so-called “Medicaid planning” is difficult because every client’s case is different. Some have more savings or income than others. Some are…
Upcoming live video webinar: “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets”
…tools necessary to navigate the rules regarding FBAR and available programs and planning methods in reporting offshore assets and assisting clients with developing programs that provide workable solutions. After our…
Individuals with disabilities can create their own self-settled trusts
…members or other sources, and not with the individual with disability’s own assets. Third party SNTs are a common estate-planning tool used to improve the quality of life of the…
The TCJA and the Future of American Taxpayers
…of the cost of qualified property. Qualified property means depreciable tangible property (including real estate) owned by a qualified business as of the tax year-end and used by the business…
Foreign Gifts and the Uncommon Form 3520: A Trap for the Unwary
…gift. When a U.S. person receives a gift from a foreign individual, corporation, partnership, or estate which is treated as a gift or bequest and excluded from gross income, the…
Conservatorship or Legal Guardianship: Which is the Right Choice?
…to possess and manage the conservatee’s assets Power and duty to collect all debts owed to the conservatee Power to engage in tax, estate, and asset preservation planning Both legal…
Leave Your IRA to a Special Needs Trust
…transfer to the SNT was not a taxable transfer for estate and gift tax purposes. That’s great! It means that if a person with special needs inherits an IRA, we…
Consider a tax legal opinion to confirm clients’ 199A Specified Service Trades or Businesses (SSTB) status
…of qualified real estate investment trust dividends and qualified publicly traded partnership income); or 20% of taxable income minus net capital gain. Specified Service Trades or Businesses The Section 199A…
Numerous Criminal Prosecutions of Taxpayers with Unreported Offshore Accounts
…to unreported foreign accounts and the use of allegedly sham off-shore entities to conceal income from their real estate development business. The foreign accounts at issue were at HSBC. A…
From Hong Kong With Love…
…aggregate gifts from foreign nonresidents and foreign estates. In addition, Question 54 requires you to disclose foreign gifts that exceed $5,000. Question 55 asks you to disclose gifts from foreign…
If you are a landlord, what changes need to be made to assure that you can be considered to be an active trade or business to qualify for the Section 199A deduction if you have net income from the rentals?
…up to 20% of the net income that a taxpayer receives from an active trade or business, which may include rental real estate and professional practice income other than wages….
NY Art Consultant Indicted for Filing False Tax Returns and Failing to File FBARs
…executor of her father’s estate, made court filings falsely stating under penalty of perjury that the total value of her father’s estate was under $1 million when, in truth and…
The 65-Day Rule: What Every Trustee Should Know about Taxes
…may be treated as having been made in 2016, the election could save a significant amount of tax! The fiduciary overseeing an estate or complex trust has the ability to…
IRS Releases New IRS 2022 FBAR Fact Sheet
…such as a partnership, corporation, limited liability company, estate or trust. A foreign country includes any area outside the United States, the District of Columbia, Indian lands (as defined in…
US real property now more attractive for certain foreign investors
…to purchase up to 10 per cent of a US publicly traded real estate investment trust (REIT) without being subject to FIRPTA taxation. This is twice the previous threshold. They…
New 2018 Tax Law’s Individual Tax Changes: New Tax Brackets, Credits and Deductions
…established by the ACA. This change doesn’t take effect until 2019. Estate tax: The federal estate tax exemption is doubled, resulting in an inflation-indexed exemption of $11.2 million in 2018….
Asset Protection Mistakes – 13 Tips
…with your spouse. 4. Don’t go without sufficient umbrella liability insurance. 5. Don’t own rental real estate in your own name. 6. Don’t own real estate jointly with someone other…
Do Inherited Foreign Assets Receive a Step-up in Cost Basis for U.S. Tax Purposes?
…unknown. This applies broadly to stocks, private business ownership, real estate, collectibles, and other assets. Do foreign assets get a U.S. cost-basis step-up at death? Foreign assets received by a…