by Christine | Jul 27, 2012 | Estate Tax, Income Tax, Same Sex Estate Planning |
Which taxes qualify for the protective claim? Estate taxes, income taxes, even gift taxes. In fact, any time you feel you overpaid a tax you can file for a refund, if you have a good reason. The legality and constitutionality of same-sex marriage has not been far from...
by Christine | Jul 17, 2012 | Audit, Beneficiary, Estate Tax, IRS |
When you inherit money or property you shouldn’t have to pay taxes. It’s not subject to income tax. Plus, if there’s an inheritance tax to pay, the estate or person giving it to you has already paid it or provided for its payment. At least that’s how it’s supposed to...
by Christine | May 15, 2012 | Estate Planning, Estate Tax, Gift Tax |
The current scheduled changes in the estate and gift tax rates and exemptions have me struggling to come up with some good titles for people with a net worth of $4 to $15 million. How about “midmillionaires,” or “midmills” for short? In the upcoming year many...
by Christine | May 10, 2012 | Estate Planning, Estate Tax, Exit Tax, Expatriation, Retirement Planning |
U.S. citizens or long-term residents who expatriate after June 16, 2008, are treated as having sold all their worldwide property for its fair market value the day before leaving the U.S. As far as the IRS is concerned, permanently leaving the country is something on...
by Christine | May 9, 2012 | Estate Planning, Estate Tax |
Death and taxes may be equally inevitable, but the taxman demands the last word. Death does not excuse a final accounting with the IRS. In fact, taxes can further complicate the lives of survivors. Of the two certainties in life – that is, of death and of taxes –the...
by Christine | Apr 26, 2012 | Estate Tax, Gift Tax |
While it is well known that compromise legislation at the end of 2010 extending Bush-era temporary tax reductions increased the estate tax exemption to $5 million, it is less well known that the lifetime gift tax exemption was also raised to $5 million. With April...
