by Christine | Apr 19, 2013 | ATRA 2012, Estate Law, Estate Tax, Gift Tax, Portability |
Although the new law has been hailed as a welcome relief from the old rules, it still can be deep water. Consider consulting a reliable estate-tax pro. With budget uncertainty over our heads, it’s nice to know there are some laws that are (supposedly) set in...
by Christine | Apr 18, 2013 | Asset Protection, Estate Planning, Prenuptial Agreement |
Most commonly, a prenup is drawn up to protect the spouse with greater separate assets from losing an unfair proportion of that wealth if the marriage should end. Spring brings about more than just Spring showers and May flowers. Don’t forget about those Spring...
by Christine | Apr 17, 2013 | Budget, Estate Planning, Individual Retirement Accounts (IRA), Retirement |
The proposal is being spun as a way to prevent wealthy private-equity executives from amassing huge IRAs—like Mitt Romney’s, once estimated to be worth as much as $100 million. But it would also curb the savings ability of self-employed professionals like doctors and...
by Christine | Apr 16, 2013 | Estate Tax, Estate Tax Returns, Tax Season |
The IRS' focus on estate tax returns resulted in the collection of $1.1 million more in additional tax revenue for the 2011 tax year. Nobody wants to hear from the IRS …and I mean nobody. Typically the IRS would only contact you for an audit, which is never good...
by Christine | Apr 15, 2013 | Asset Protection, Bankruptcy, Individual Retirement Accounts (IRA) |
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the first $1 million of IRA and Roth IRA funds are protected (or exempt) in bankruptcy. This amount is reviewed every three years and increased as needed. For example, the $1 million...
by Christine | Apr 12, 2013 | Asset Protection |
It is, of course, painfully difficult to call what Reed and Cohen put together anything like valid asset protection planning. Sadly, at a certain low level this is the standard of practice, such as it is, that goes on with mass-marketed asset protection planning....
by Christine | Apr 11, 2013 | Art, Estate Planning, Illiquid Assets |
Despite Mr. Simpson’s collection of museum-quality art, some of it housed in the Manhattan gallery he owned, which is now under lock and key, his family said it lacked the money for a burial. A million dollars worth of art is quite a collection! But this...
by Christine | Apr 10, 2013 | Estate Planning, LIfe Insurance |
Rather than talk with a high-pressure insurance agent, you might be tempted to simply start plugging numbers into one of the many life insurance needs calculators out there on the Internet. But even if one asks all the right questions, it can be tough to decide the...
by Christine | Apr 9, 2013 | Elder Care, Elder Law |
In hospitals, nursing homes, doctors’ offices, pharmacies and insurance companies, professionals may cite Hipaa as a reason to restrict information. Some patients even have trouble accessing their own health records, supposedly because of the privacy law. We tend to...
by Christine | Apr 8, 2013 | Estate Planning, Inheritance |
The ugly truth is money can’t buy love. But it can be used to try to hurt the people you say you love. When planning your estate, you may want to assess the “fairness” of the inheritance you plan to leave behind and any potential hurt feelings along the way. You see,...
