IRS Extends Deadline for Estates to File Estate Tax Return to Make Portability Election Benefiting Surviving Spouses
See http://www.irs.gov/newsroom/article/0,,id=254522,00.html
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$5M estate tax exemption proposed under President Obama’s 2013 budget
Estate tax free amount to be $5M under President Obama’s 2013 budget, contrasted with the Republican’s proposed repeal of estate tax. (See post from 2/13.) Only time will tell…. Copyright 2012 Phillips Law Offices, A Professional Corporation
Repeal of estate tax proposal pending
H.R.1259 – This bipartisan House bill would permanently repeal the federal estate tax, repeal the federal generation-skipping transfer tax, and extend the $5.12 million lifetime gift tax exemption and 35% gift tax rate. Currently the bill has approximately 194 co-sponsors. Of course, only time will tell what will happen in this election year.
California Probate Limit Changes for Avoiding Probate
California Probate Code 13100 was recently revised to increase from $100,000 to $150,000 the size of a California estate (excluding real property) that can be collected without probate court administration. The size of a decedent’s California real property that can be transferred without probate has been increased to $50,000. (Probate Code section 13200). If you are … Continue reading California Probate Limit Changes for Avoiding Probate
Video on preparing a living trust: what happens at the first attorney conference.
This video discusses the initial conference for a living trust estate plan: