IRA Beneficiary Designation Planning
...never name the estate or other non-individual as a primary or contingent beneficiary. The only exceptions are when there is no interest in allowing heirs to use the tax deferral...
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BUSINESS SUCCESSION LEGAL PLANNING
...to the IRS with respect to estate and gift taxes. One way to deal with this problem is gifting. With a new IRS ruling allowing for gifts of minority shares...
15 IRS Audit Tips
...adjustments in these years too. 7. The IRS must complete an audit within three years of the time the tax return is filed, unless the IRS finds tax fraud or...
Naming A Minor as Your IRA Beneficiary
...the trust’s income tax rate, and any amounts distributed to or for the benefit of the child would be taxed at his or her personal income-tax rate. An accumulation trust...
Estate Planning for Non-US citizens
Estate Planning for Non-US citizens By Parag Patel Esq. Non-US citizens (greencard holders or H-1 visaholders) are severely discriminated against by US estate tax laws. Since estate taxes are based...
Introduction to Estate Planning
...gift (“donor”) who is taxed, not the donee. 2. Estate Tax The federal estate tax is a tax levied on the property owned by the decedent at death. The tax...
GRATS: A Great Estate Planning Tool
...gifts to relatives and/or others, are willing to use some or all of your unified credit to offset any outright gift tax in order to achieve significant estate tax savings,...
ESTATE PLANNING: MORE THAN A WILL
...to petition the court for an individual to administer the estate. In many instances, this insult is compounded by the assets being subject to taxes, which could easily have been...
A perfect storm for gifting…
...will go to zero in 2010 and resume at higher rates thereafter. Under President Barack Obama’s “Comprehensive Tax Plan,” estates over $3.5 million per person will be taxed at the...
Why should you do estate planning in a down economy?
...taxes are alive and well. New Jersey exempts only $675,000 per decedent for the state estate tax. New York exempts only 1 million per decedent for its state estate tax....
Estate Planning in a Recession
...planning for incapacity – the advantages of estate planning in a down economy are less familiar. By making strategic estate planning decisions now, while asset values continue to drop and...
What does divorce do to your estate plan?
...administration of your estate. Once the divorce is final, if you don’t have a will, the state intestacy statute governs and your children would be your heirs, or if you...