by Christine | Feb 7, 2013 | ATRA 2012, Estate Law, Estate Planning, Family Limited Partnership, GRATs, Small Business, Tax Law |
The good news is that the New Year’s day passage of the American Taxpayer Relief Tax Act Of 2012 or ATRA ended 12 years of uncertainty about how much could pass tax free; what the tax will be on transfers above that amount; and even whether there would be an estate...
by Christine | Feb 6, 2013 | Estate Law, Estate Planning |
Donors who acted solely out of the expectation that the generous exemptions would disappear may be experiencing a healthy dose of donor’s remorse. For them, the question arises, “Can I take it back?” With all the uncertainty over changes in the gift tax at the end of...
by Christine | Feb 5, 2013 | Depression, DSM5, Elder Law |
The Diagnostic and Statistical Manual of Mental Disorders, published and periodically updated by the American Psychiatric Association, is one of those documents few laypeople ever read, but many of us are affected by. When you have an elderly loved one, it’s wise to...
by Christine | Feb 4, 2013 | Estate Planning, Trusts |
Under the new rules, a taxpayer may shield up to $5.25 million from estate taxes ($10.5 million for couples) … Now that the uncertainty has been lifted, some ultrawealthy families are wondering whether they want to leave heirs that much tax-free money after all. Can...
by Christine | Feb 1, 2013 | Estate Plan, Small Business, Succession Planning |
The conversation around successions can be [sensitive], because it brings up all the same issues one faces when starting a business — only this time, you’re forced to imagine it without yourself in the picture. When it comes to business, succession is perhaps the most...
by Christine | Jan 31, 2013 | Charitable Giving, International Law |
One of the most notable trends in philanthropy, according to the 2012 Giving USA Study of charitable giving, is that international giving has steadily grown despite a tumultuous economy. Thinking about going global with your charitable giving? When it comes to...
by Christine | Jan 30, 2013 | Elder Care, Elder Law |
Inpatient hospital prices in Los Angeles average 149% of Medicare rates; in Richmond, Va., those rates are 192% of Medicare's prices, according to CSHSC. Ever noticed how prices of certain items can be more or less depending on where you buy them? Take for...
by Christine | Jan 29, 2013 | Elder Law, Estate Planning, Individual Retirement Accounts (IRA), Retirement, Roth IRA |
Under the new rules, a Roth conversion would be available to anyone with a traditional 401(k) and an employer who offers a Roth account and conversion. It’s no doubt that the Roth IRA is a favorable option to many people when it comes to retirement planning. ...
by Christine | Jan 28, 2013 | Charitable Giving, HIgh Income, Taxes |
While most people are fixated on tax rate increases adding to their income tax bill in 2013 and beyond, very few people are aware that the Pease limitation reinstatement can add to their income tax bills by phasing out some key itemized deductions. Although some areas...
by Christine | Jan 25, 2013 | Estate Planning, Marriage, Portability |
Portability makes it unnecessary for spouses to use bypass trusts solely to preserve the federal exemption amount. As with any new process there is a shakeout period, though. The good news has resounded and there is much to celebrate with the passing of ATRA 2012 (or...
