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:
Category Archives: Tax Planning
IRS Releases Guidance on Foreign Financial Asset Reporting (IRS Form 8938)
For 2011 income tax returns and moving forward, taxpayers with foreign assets should be concerned with new reporting requirements on their 1040, as discussed by the IRS at http://www.irs.gov/irs/article/0,,id=251216,00.html
Year End Annual Gift Tax Exclusion Gifts and Other, “Unlimited” Gifts
For 2011, the annual gift tax exclusion is $13,000, meaning that without gift tax implications, you can gift a total of $13,000 throughout this year to as many people as you wish. In addition to that $13,000 annual gift tax exclusion, the tax laws allow you to give an unlimited amount for certain educational or … Continue reading Year End Annual Gift Tax Exclusion Gifts and Other, “Unlimited” Gifts
House Bill Introduced to Reduce Estate Tax Exemption to $1,000,000
Congressman Jim McDermott (D-WA) just introduced HR 3467 the “Sensible Estate Tax Act of 2011,” which would reduce the estate tax exemption to $1,000,000 for taxpayers who die after this year. The $1M exemption would be indexed for inflation, with a 55% top tax rate. This bill appeared “dead on arrival.” But for details on … Continue reading House Bill Introduced to Reduce Estate Tax Exemption to $1,000,000
New Estate Tax Exemptions, Gift Tax Exemptions, Generations Skipping Transfer Tax Exemptions for 2012 and Beyond
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