...to anyone without dipping into your lifetime gift tax exclusion. Beyond direct gifts there are many strategies to gift. The $14,000 annual tax exemption rule (called the “annual exclusion”) is...
...signed into law on January 2. As a result, the granting of such interests to a service recipient can still result in compensation for services being taxed at favorable capital...
...and gift tax: $5 million exemption (inflation-adjusted) and 40% rate (up from 35 percent). The estate (and still linked gift tax lifetime) exemptions will remain at $5 million, but larger...
...be achieved. Estate planning is only partly about tax. Whatever the ultimate exemption level, optimizing an estate plan also requires careful attention to the following “non tax” considerations: 1. Plan...
...rising. ■ Federal gift tax exemption decreasing and rates rising. ■ Federal generation skipping transfer tax exemption decreasing and rate rising. Planning Opportunities ■ Individuals who may desire to diversify...
...Which May Impact Planning Opportunities ■ Federal estate tax exemption decreasing and rates rising. ■ Federal gift tax exemption decreasing and rates rising. ■ Federal generation skipping transfer tax exemption...
...Provisions Which May Impact Planning Opportunities ■ Marginal ordinary income tax rates rising. ■ Medicare surtax. ■ Federal estate tax exemption decreasing and rates rising. ■ Federal gift tax exemption...
...marginal tax rate of 55%. Federal generation skipping transfer tax exemption decreasing and rate rising: The federal generation skipping transfer tax exemption is scheduled to decrease from $5 million to...
...The assets in these trusts, once the two spouses pass away, including the appreciation on the assets that were gifted, will avoid estate taxation. This is a very appealing planning...
...encouraging people to enter the 2012 Offshore Voluntary Disclosure Program (OVDP). Through the OVDP, the IRS is allowing non compliant taxpayers to come into compliance without the risk of criminal...
...failure to file an FBAR as well as the underreporting of income, at the time of filing, regardless of subsequent amendment. “This prosecution reflects the continuing commitment to identify, investigate...
Many Americans (including US citizens and US green card holders) living abroad will get a small reprieve from U.S. Internal Revenue Service rules on reporting foreign assets, the agency announced...
