by Christine | Jul 20, 2012 | Forgiven Loan, Gift Tax |
In today's tough economy, you may decide to loan money to a cash-strapped family member. While this may be a noble cause, please take my advice and make the loan the tax-smart way. Sometimes ensuring that a loved one has the assets they need – for a project or...
by Christine | Jun 7, 2012 | Estate Planning, Gift Tax, Interfamily Loans |
With the government's $5.12 million gift-tax exemption set to fall to $1 million at year-end, more families are using the current leeway to do some financial housekeeping, experts say. The clock is winding down on the first half of 2012 – the “Year of...
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 | 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...
by Christine | Mar 22, 2012 | Estate Tax, Gift Tax |
If you have not used up your unified credit yet there is a pretty compelling case for making a large gift in 2012. Lately, writing about estate law is a lot like writing commentary on a monster movie. This estate law “monster” should be known as the dreaded “Unknown...
by Christine | Jan 16, 2012 | Estate Tax, Gift Tax |
Schedule D is so Last Year! You were used to reporting capital gains and losses on Schedule D. Now, in most cases, use new Form 8949 to report capital gain and loss transactions. A new tax season and a new tax reporting rule for capital gains. It’s not a big change...
