Posts tagged with: "estate+planning"
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11 Dec 2012, 4:01 pm
What’s the best way to create wealth? If I had a definitive answer, you can bet your margarita that I’d be typing this from a beach somewhere. From where I’m actually typing this — my Annapolis business law office — … Continue reading → [read post]
19 May 2011, 3:05 pm
Tax-Free Gifts
This is easy and it doesn't cost anything. Each year, you can give up to $12,000 ($24,000 if married) to as many people as you wish. So if you give $12,000 to each of your two children and five grandchildren, you will reduce your estate by $84,000 (7 x $12,000) a year - $168,000 if your spouse joins you. (This amount is now tied to inflation and may increase every few years.) [read post]
17 Nov 2010, 11:59 am
Image via Wikipedia
The IRS published the applicable federal rates for December 2010 in Rev. Rul. 2010-29:
Section 7520 Interest Rate: 1.8%
120% of the Applicable Federal Midterm Rate: 1.83%
These rates are even lower than those for November. The Section 7520 Interest Rate dropped from 2.0% for October and November. The 120% of the Applicable Federal Midterm Rate dropped from 1.91% for November.
Talk to your trusted estate planning advisor about the following estate planning strategies, which… [read post]
17 Nov 2012, 9:06 pm
After months of bitter campaigning, Democrats and Republicans in Congress finally seem to agree on something: closing tax loopholes. The idea is appealing as a way to reduce the deficit and avoid the fiscal cliff by increasing revenue without actually increasing tax rates. What’s more, as the prospect of “closing tax loopholes” gains traction in [...] [read post]
27 Nov 2010, 10:16 am
Image via Wikipedia The Tax Relief Certainty Act was recently introduced in the U.S. House of Representatives (H.R. 6415) and in the Senate (S. 3975). Rep. Mike Pence [R-IN-6] introduced H.R. 6415 on November 17, 2010. H.R. 6415 currently has one cosponsor, Rep. John Campbell [R-CA-48]. Senator Jim DeMint [R-SC] introduced S. 3975 on November 18, 2010. S. 3975 currently has no cosponsors. The Tax Relief Certainty Act would extend what is generally referred to as the Bush Tax Cuts. It would repeal… [read post]
10 May 2012, 2:45 pm
Level premium term life insurance which can go out to age 95 is now available at very attractive long term premiums so that older plaintiffs, plaintiff attorneys and others who can't afford, or...
This is a content summary only. Please click on the title for the full content, If you find yourself on FAEMM community, back out and type in www. structuredsettlements.typepad.com
[read post]
28 Oct 2011, 5:52 am
Life insurance really isn't as frightening or complex as it seems. It's actually a fantastically useful and flexible estate-planning tool that can provide income-tax-free security for your loved ones. It can also provide liquidity to pay estate taxes, especially if your estate largely consists of assets such as real estate or a closely held business that you may be reluctant to sell to raise cash. (If the policy is owned by an irrevocable trust, the insurance payout can avoid estate taxes too.) [read post]
30 Jan 2012, 12:53 pm
Many people think that there is no need to make an estate plan until or unless they get married. However, our firm recently handled a case that illustrates why buying into this planning myth can be very stressful and expensive for your loved ones. Our client, we'll call him "Bill", was an unmarried man in his forties with a long-term girlfriend but no children. His only living relatives were siblings. Bill went into a coma after having an unexpected allergic reaction that caused him to have multiple… [read post]
8 Feb 2011, 11:09 am
There are two basic estate planning checklists. One is for the planning you do while you are alive; the other estate planning checklist is the checklist you use after a family member dies. This article will concentrate on the “life” estate planning checklist.
Four Estate Planning Checklist Issues – Issue 1
Testamentary Will
Every estate planning checklist begins with a will. Yes, the will takes affect when you’re dead, but you do it while you are alive. The will forms the foundation of… [read post]
1 Dec 2011, 5:25 am
‘Twas the night before Christmas when all through the house, everyone was bickering and trying to shout. [read post]
30 Dec 2011, 9:00 am
If you needed a reminder of just how byzantine the rules are that govern inherited IRAs—and the importance of preparing your family for receiving such an account—the IRS just handed you one. [read post]
21 Sep 2012, 6:13 am
So, you are tired of me getting up on a soap box preaching about the evils of using online services to prepare Estate Planning documents. Sorry, here I go again!
We recently had a client bring into the office an online power of attorney that was prepared and signed on July 31, 2012. This is precisely ten months after a substantial change in the Florida power of attorney law went into effect (and more than a year after the change was announced by the Florida Legislature). This online document… [read post]
28 Jan 2013, 7:23 am
As discussed in our last newsletter, the New Year brought with it significant changes to the estate tax law. Without these changes, individuals with estates of $1,000,000 or more would have been subjected to estate and gift taxes. Now, only estates over $5,250,000 (or $10,500,000 for married couples) will be taxed.
So, you are asking, why plan? Here are just three of many reasons:
1. … [read post]
25 Jul 2011, 10:04 am
This blog series will go through questions that are often asked by our clients when discussing life insurance trusts and estate taxes.
1. What does a life insurance trust do?
An irrevocable life insurance trust lets you reduce or even eliminate estate taxes, so more of your estate can go to your loved ones. It also gives you more control over your insurance policies and the money that is paid from them.
[read post]
21 Jul 2010, 12:09 pm
Great article from the Globe and Mail, mostly discussing high net worth individuals. It's definitely worth a read. Click here to read the article. [read post]
12 Feb 2013, 5:54 pm
The 2012 Taxpayer Relief Act ushered in many new tax laws. Among them, IRC Section 402A(c)(4)(E) now permits in-plan ROTH rollovers. To qualify, (i) your 401(k) plan must otherwise allow
for a Roth account; and (ii) such a conversion will likely result in current
income tax to the participant. Previously, if you held assets in a 401(k) plan and you were under the age of 59 1/2, you were unable to transfer some or all of your plan assets to a Roth plan under the 401(k) plan. Sarasota and Manatee… [read post]
6 Oct 2010, 3:26 am
Like all of the blogs at Forbes.com, Estate of Confusion has a wonderful feature: Headline Grabs. Headline Grabs serve a number of functions: (1) They provide you headlines of articles that the blogger thinks are relevant or interesting. The headlines are manually selected. (2) They show you some of the articles that the blogger is reading. You can now see that a blogger is on top of their topic. (3) They can be promoted to the front page of blogs.forbes.com. How can you see my headline grabs? (1)… [read post]
8 Apr 2013, 11:22 am
The President's new budget
proposal would cap multimillion-dollar tax-favored retirement accounts. The budget plan, to be unveiled April 10,
would prohibit taxpayers from accumulating more than $3 million in an
individual retirement account. The argument is that “[u]nder current rules,
some wealthy individuals are able to accumulate many millions of dollars in
these accounts, substantially more than is needed to fund reasonable levels of
retirement saving.” IRAs have evolved… [read post]
31 Jul 2010, 12:18 pm
An interesting article from CBS moneywatch.com. It's American, but still applicable to Canadians. Click here to read the article. (Attached photo is also from that article). [read post]
28 Jan 2013, 7:23 am
As discussed in our last newsletter, the New Year brought with it significant changes to the estate tax law. Without these changes, individuals with estates of $1,000,000 or more would have been subjected to estate and gift taxes. Now, only estates over $5,250,000 (or $10,500,000 for married couples) will be taxed.
So, you are asking, why plan? Here are just three of many reasons:
1. … [read post]