All posts by Jim

New Estate Tax Exemptions, Gift Tax Exemptions, Generations Skipping Transfer Tax Exemptions for 2012 and Beyond

Estate Planning, Tax Planning

2010  2011  2012  2013  Estate Tax  Exemption amount *  $5.0 million  $5.0 million  $5,120,000  $1.0 million  Tax rate  Flat (35%)  Flat (35%)  Flat (35%)  Progressive (up to 55%)  Elections  Can elect out of estate tax, but §1022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million spousal bonus)  Can elect to add “deceased spousal … Continue reading New Estate Tax Exemptions, Gift Tax Exemptions, Generations Skipping Transfer Tax Exemptions for 2012 and Beyond →

New IRS guidelines issued August 5, 2011 on treatment of basis for certain estates of decedents who died in 2010.

Tax Planning

2010 Form 8939 is Due Nov. 15; Reporting Option Applies to Many Large Estates IR-2011-83, Aug. 5, 2011WASHINGTON — The Internal Revenue Service issued guidance today on the treatment of basis for certain estates of decedents who died in 2010. The guidance assists executors who are making the choice to opt out of the estate … Continue reading New IRS guidelines issued August 5, 2011 on treatment of basis for certain estates of decedents who died in 2010. →

Avoiding probate delays and avoiding conservatorship delays becoming more important due to budget cutbacks

Conservatorship, Probate

The delays inherent in all California probates and conservatorships may soon become much worse due to projected cutbacks in court funding. Historically, the first available probate court hearing date is four to six weeks in the future. According to what court personnel are saying now, that four to six week “wait” may become much worse … Continue reading Avoiding probate delays and avoiding conservatorship delays becoming more important due to budget cutbacks →

New, portability of unused estate tax exemption for married couples offers simple “2 for 1” plans.

Estate Planning, Tax Planning

Thanx to the December 16, 2010 federal tax legislation, married couples now get a simple, non-trust “two for one” estate tax exemption, doubling up the amount that a surviving spouse can leave without estate tax. The concept is called “portability” of unused estate tax exemption, and it has never existed before. It has enormous, positive … Continue reading New, portability of unused estate tax exemption for married couples offers simple “2 for 1” plans. →

Randal Dutra Castro Valley lecture on October 8, 2011

Community Interest

An Evening with RANDAL DUTRA & JAN WAHL Saturday, October 8th 2011 at 7:30pm at Castro Valley’s Center for the Performing Arts Castro Valley painter, sculptor and animator, RANDAL DUTRA, shares his life work in conversation and movie clips. Star Wars: Return of the Jedi, Gremlins, Willow, Robocop 1 and 2, 101 Dalmatians, The Nightmare … Continue reading Randal Dutra Castro Valley lecture on October 8, 2011 →