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
What should you put in your bank safe deposit box? Who should have access to your safe deposit box? As for contents of the safe deposit box: 1. All original estate planning documents, including your trust and will and amendments thereto and powers of attorney. 2. Bonds and stock certificates. 3. Gold and silver. 4. … Continue reading What should you put in your safe deposit box? Who should have access to your safe deposit box?
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
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
2012 Medi-Cal Rates: Community Spouse Resource Allowance (CSRA): $113,640. Minimum Monthly Maintenance Needs Allowance (MMMNA): $2,841