Still Beware of State Death Taxes…
...estate tax owed is reduced by the inheritance tax paid.) Maryland also imposes an estate tax of up to 16% above a $1 million exemption and a 10% inheritance tax...
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Estate Planning New Year’s Resolutions
...tax upon your death. However, if you use an irrevocable trust to purchase your life insurance policy, it will be shielded from both estate and income taxes. If you have...
Top 9 Most Expensive Medicaid Mistakes
...result in a total loss of control and risk your retirement nest egg. Furthermore, too early or defective transfers can cause tax and other problems that may be difficult to...
The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R....
Do You Need to Revise Your Estate Plan?
...much less? These are all good reasons to change your estate planning documents. However, the last minute change in the federal estate tax law makes reviewing and revising your estate...
NJ Division of Taxation Announces Conferences and Appeals Branch Initiative
...seq. See also the Division’s publication “Preparing for your Protest and Conference in New Jersey,” available at: http://www.state.nj.us/treasury/taxation/pdf/pubs/misc/cab300.pdf A taxpayer that is prepared to resolve the protested matter may request...
Adding Beneficiaries to an Irrevocable Life Insurance Trust
...her estate and could be used to completely provide funds to pay any estate tax liability. Many of our estate planning clients have an additional issue to be aware of...
Estate Tax in 2010
...gift tax, there will be a $1 million lifetime gift tax exemption and an annual gift tax exclusion of $13,000 per donee. Rates on gift tax also rise in 2011...
Varieties of Powers of Attorney
A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes....
Structuring: A Tax Crime
One of the most frequent criminal charges our firm encounters is the illegal structuring of cash transactions to evade the IRS reporting requirements of Section 6050I. Usually the taxpayers who...
Estate Tax Pitfalls Seen In Court Case
...expenses and taxes be paid from what’s left of an estate after the heirs get the money or property bequeathed to them. Its called the “Dad-buys-dinner” provision, as when a...
New offshore account disclosure law
...of measures to reduce offshore noncompliance by giving IRS new administrative tools to detect, deter and discourage offshore tax abuses. Here is a brief overview of the new offshore anti-abuse...