2009 Year-End Estate Planning News
...the estate tax and GST tax are to return, with a top rate for each of 55%. While the estate tax and GST tax are scheduled to be repealed under...
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Year-End Checklist for 2009
...Gift Tax Regime Below are a number of estate tax planning ideas that you might consider in 2010, in addition to those set forth above. Gift Residence or Vacation Home...
Year End Estate Planning Tips – Make Annual Exclusion Gifts
...tax exclusion. What is the purpose of these “estate planning” gifts? To reduce the value of the gift giver’s taxable estate. This year the annual gift tax exclusion is $13,000...
Foreign Account Tax Compliance Act – Traps for the Unwary
...even though such an asset is not currently taxable and any gain on the sale of the asset may not be taxable. The same would be true of tax-exempt assets....
The Need for Long Term Care Planning
...Careful planning, whether in advance or in response to an unanticipated need for care, can help protect your estate, whether for your spouse or for your children. This can be...
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...
New Jersey Transfer Inheritance Tax : How the Tax Works
New Jersey also has an inheritance tax. An inheritance tax means that when a New Jersey resident dies his or her assets will be taxed on the basis of who...
What is an Irrevocable Life Insurance Trust (ILIT)?
...IRS and, if applicable, state taxing authorities, can then tax the proceeds at death. How an Irrevocable Life Insurance Trust Works: One way to avoid the taxing of life insurance...
Estate Planning Discussions: difficult, emotional and stressful
...free. In 2009, the estate tax exclusion amount is $3,500,000 which is inclusive of the $1,000,000 lifetime exclusion amount for gift taxes. The top rate of gift and estate taxes...
Navigating the Step-Up Tax Basis Rule
...tax code provision. Although these proceeds are income tax free, they are not always estate tax free. The tax basis rules have nothing to do with whether an asset is...
Non-Resident Estate Tax Trap
...Tax Code dealing with estate tax. And this sentence means that even if you have no connection whatsoever to the United States, the IRS can still subject your holdings of...
Estate tax future unclear
Planning for the federal estate tax has been a challenge for many years. Observers have been confident that Congress will change the rules soon, but no one can say what...