by Christine | Oct 19, 2012 | Gift Tax, GIfting |
For those weighing what to do with the assets they have accumulated over a lifetime, the next few weeks may be time to make the final call. That’s because the current federal tax exemption on estates and gifts is set to roll back on Jan. 1 from $5.12 million to $1...
by Christine | Oct 18, 2012 | 2013, Estate Planning, Gift Tax |
Next year, that $13,000 limit on gifts is expected to increase to $14,000—an inflation adjustment required by law. The number isn't yet official—and won't be until later this year when the Internal Revenue Service will announce this and many other inflation...
by Christine | Oct 17, 2012 | Asset Protection, Trusts |
Sometimes you may hear “revocable trusts provide no asset protection” — however, this is only half-true. Trusts are powerful devices. In fact, even “revocable” trusts can afford valuable protection. Consider the case of Frank and Geryl Pearl, as reported in a...
by Christine | Oct 16, 2012 | Charitable Giving |
There is certainly a place for special trusts and foundations, but they are not a requirement. There are many ways people aren’t aware of to be charitable both in your own family and also in your community. Giving can be complicated, especially when it moves...
by Christine | Oct 16, 2012 | Elder Law, Medicare |
Premiums for many popular Medicare prescription drug plans will soar next year – but seniors don't have to take the rate hikes lying down. Hunting season is open! Unfortunately, there’s little sport in this hunt: in Medicare enrollment season, maybe it’s...
by Christine | Oct 12, 2012 | Asset Protection, Corporate Formation, Small Business |
How you go about handling the situation [of a business partnership split-up] can mean the difference between an amicable split, where you run the business as you see fit, and a messy divorce, in which you wind up losing money, clients, resources or other critical...
by Christine | Oct 11, 2012 | Estate Law, Estate Planning, Trusts |
Romney’s [estate planning] vehicle is known as an “intentionally defective grantor trust” or by the acronym IDGT — hence the nickname: “I Dig It.” Such trusts permit donors to give potentially unlimited amounts to children free of estate and gift taxes. All...
by Christine | Oct 10, 2012 | Estate Planning, Estate Tax |
Should the current estate tax law expire at year-end without Congressional action, nearly 15 million U.S. households will have a potential estate tax liability, according to new research. Will the Bush-era tax laws expire after December 31, 2012? To expire or not to...
by Christine | Oct 10, 2012 | Elder Law |
Lots of families have one: a family freeloader. The adult child who still gets money from parents each month to make it… What brings this to a crisis point is that a parent’s health fails or a parent passes away. Then what? What happens when a family has...
by Christine | Oct 8, 2012 | Estate Law, Estate Planning |
A majority of families wealthy enough to have their own financial offices may have estate plans that are sorely out of date, according to a survey by Rothstein Kass, a leading national professional services firm providing accounting, auditing and tax services. An...
