Posts tagged with: "estate+planning"
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Epic failure in Washington is causing epic uncertainty for taxpayers. This week, Congress's special 12-member deficit-cutting committee failed to agree on even a broad outline for addressing the U.S.'s fiscal woes. It marked the third year in a row that taxpayers headed into December with major tax-code issues unaddressed. [read post]
On August 5, 2011, the IRS published long-awaited guidance for executors of estates of people who died in 2010. Notice 2011-66 explains how these executors can opt out of the estate tax, and Revenue Procedure 2011-41 explains the special tax rules that apply to assets when executors opt out of the estate tax. [read post]
3 Feb 2011, 2:17 pm by leephillips
Getting good estate planning forms and documents can be tricky. Many places will offer you free estate planning forms to get you in. If you get free estate planning forms you will probably get quality comparable to what you pay for them. Because estate planning requires more than one form, you will also be required to pay for the rest of the forms you need to get a complete set of estate planning documents. Like everything else, estate planning is buyer beware. Educate your self about what you… [read post]
Tax changes that President Barack Obama and Congress hammered out in the final days of 2010 discouraged clients from seeking estate-planning advice last year, even though estate lawyers argue there are many planning opportunities that shouldn't be missed. [read post]
We all know a succession plan is needed. But having the wrong plan can be just as disastrous. [read post]
14 Feb 2011, 4:00 pm by leephillips
Family farms present a unique estate planning problem. The family farmers often operate on a thin profit margin (we hope it’s a profit), and yet, they are worth millions of dollars. AKA, they are cash poor and land rich. Dad needs to continue to operate the farm, but for estate tax reasons it needs to be “divided up” among the kids. Even if there is never an estate tax problem, one or two of the kids want to operate the farm and the rest of the kids want nothing to do with the farm. How… [read post]
16 Aug 2013, 5:57 am by Jeffrey A. Cramer
Hopefully our faithful readers all know by now that there are many hazards to do-it-yourself estate plans.  What you may not know is that trying to administer your loved one’s estate without legal help is just as treacherous.  It is a great honor to be named as a loved one’s personal representative (executor) or trustee, but these roles come with great responsibility and many legal duties. Unfortunately, we recently have encountered several individuals and families who thought… [read post]
Multinational families increasingly are turning to high-end estate and tax planners to reduce tax bills when they shift money to children living in the U.S., whether or not their kids are U.S. citizens. [read post]
If you’re wealthy, you set up your own private foundation you get a deduction now, but you don’t have to give it all away right away. You, like Mitt Romney, can do it in a much more leisurely way. [read post]
Nearly two-thirds of seniors don't know that the Medicare enrollment period is early this year, a survey shows, and that could cost them. [read post]
"We have developed our own checklist that we share with clients on a regular basis. If any of these issues are relevant to your life, it may be time to schedule an estate review." [read post]
“Most of the states are still in pretty poor shape, and if the economy doesn’t improve you might see more action by state legislatures seeking other sources of revenue,” says James Walschlager, an analyst with tax publisher CCH, a Wolters Kluwer business. [read post]
The Internal Revenue Service has extended the deadline to file estate tax returns and make a portability election to benefit the surviving spouses of married individuals who died during the first six months of 2011. [read post]
"As you likely know by now (especially if you are a loyal reader of my Blog), the Federal Estate Tax lapsed in 2010 and Congress has not yet decided what to do about it. Last week I ran across another good end-of-year planning article, written by Robert Wood for Forbes. I think his tips are worth repeating here...." [read post]
Many people want to use part of their estate to help charities they believe in—leaving a legacy of helping out the less fortunate, nurturing the arts or supporting other important causes. [read post]
So as a public service to those who are coping with the same tedious chores or may soon be, the Foreman family assembled a list of stuff to do, stuff almost everyone will have to do, after a loved one dies. [read post]
25 Apr 2011, 1:33 pm by webreputationbuilders
How is the net value of my estate determined? To determine the current net value, add your assets, then subtract your debts. Include your home, business interests, bank accounts, investments, personal property, IRAs, retirement plans and death benefits from your life insurance. [read post]
Living with Alzheimer’s disease is very difficult for the individuals affected and their loved ones. But by dedicating some time early on in the diagnosis and fighting for the cause during World Alzheimer’s Month and beyond, a family can know they have done everything to support their loved one to live a full life and protect their legacy. [read post]
16 Aug 2013, 5:57 am by Jeffrey A. Cramer
Hopefully our faithful readers all know by now that there are many hazards to do-it-yourself estate plans.  What you may not know is that trying to administer your loved one’s estate without legal help is just as treacherous.  It is a great honor to be named as a loved one’s personal representative (executor) or trustee, but these roles come with great responsibility and many legal duties. Unfortunately, we recently have encountered several individuals and families who thought… [read post]