Posts tagged with: "estate+planning"
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28 Jan 2013, 7:23 am by Jeffrey A. Cramer
  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]
8 Feb 2011, 11:09 am by leephillips
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]
We usually think of estate planning as something that will benefit our family after we die, but there are some benefits of estate planning that will be helpful to you and your family during your lifetime. One example is what we give our children. Chances are that all of us will leave something to our children, but when, how and what we give them before we die can make a huge difference in how the gifts are treated by tax laws. The first step to take in creating a gifting plan for your children (and… [read post]
10 May 2012, 2:45 pm by structuredsettlements
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]
30 Aug 2011, 5:42 am by Scott
One thing I enjoy about most of the top estate planning blogs is that they go to the trouble of citing others’ fine work.  In this week’s top 10 posts and articles, you will find several examples of this praiseworthy practice. Top Posts and Articles of the Week Post of the Week Be Mindful of Potential Pitfalls When Drafting a Will, Megan Connolly, Toronto Trusts and Estates Monitor. Ms. Connolly’s post concisely summarizes a report from LAWPRO (a leading Canadian professional liability… [read post]
27 Nov 2010, 10:16 am by Hani Sarji
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]
30 Jan 2012, 12:53 pm by Jeffrey A. Cramer
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]
22 Jul 2010, 6:03 am by Hani Sarji
On July 22, 2010, David Shulman posted Are Do-it-yourself Wills Ever Ok? on South Florida Estate Planning Law. Shulman writes, “I'm here to tell you that in certain circumstances, and for certain people they may be okay.” He elaborates on these circumstances: if you have children, or more significant assets, or real estate, then I do not recommend a do-it-yourself estate planning solution. But, if you are single, childless and broke, you don't need me, and you certainly don't need a revocable… [read post]
28 Jan 2013, 7:23 am by Jeffrey A. Cramer
  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]
1 Dec 2011, 5:25 am by Justin de Vries
‘Twas the night before Christmas when all through the house, everyone was bickering and trying to shout. [read post]
9 Apr 2014, 10:16 am by mjsoss
Last minute retirement benefits that you should utilize: Contribute For Your Spouse: If you’re married and at least one spouse is employed (and you’re not earning above the IRS income thresholds), the working spouse can contribute to an IRA and one for their spouse. Last Years Contribution: If you missed making an IRA contribution last year you have until April 15 to make a contribution for that year. You can effectively make 2 years worth of IRA contributions (both for the previous… [read post]
12 Feb 2013, 5:54 pm by mjsoss
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]
17 Mar 2014, 4:00 am by Steven Frye
In general, when income from a family trust asset (usually owned and or operated by parties related to the trust) is distributed to a beneficiary who is not an adult at the time of distribution, the income is taxed at the highest marginal rate of tax known as “tax on split income” or “kiddie” tax. However, there are circumstances when the "kiddie" tax does not not apply... [read post]
1 Dec 2010, 12:30 pm by Hani Sarji
"The estate tax is a cash cow for the life insurance industry - and the industry's lobbyists guard it zealously," write Tim Carney and Dick Patten in the American Family Business Foundation's (AFBF) latest issue brief, Life Insurance Cash Cow: An Issue Brief on the Hidden Side of Estate Tax Lobbying. According to the Carney and Patten, "[t]he life insurance industry spends more than $50 million dollars a year on lobbying, and contributes tens of millions annually to congressional and presidential… [read post]
17 Oct 2012, 7:00 am by Idaho Estate Planning
Will the Bush-era tax laws expire after December 31, 2012? To expire or not to expire, that is the question. When it comes to the “default” 2013 estate tax, some 12.5% of U.S. households may come under the estate tax axe, according to new analysis by LIMRA. These numbers were picked up and reported by LifeHealthPRO and reported in its article titled, “LIMRA: More than 1 in 8 U.S. households may owe estate tax in 2013.” This change in the estate tax exemption limit scoops up a huge new… [read post]
9 May 2013, 10:26 am by Jeffrey A. Cramer
New state laws allowing same-sex marriage and two pending Supreme Court rulings on the subject have brought to mind the special estate planning issues faced by same-sex and other unmarried couples.  Marriage comes with important legal rights and benefits that are not automatically provided to all romantic partners. For example, the state of Florida has a default estate plan for every resident who dies without a will or trust.  If you get married, this default plan is automatically… [read post]
9 May 2013, 10:26 am by Jeffrey A. Cramer
New state laws allowing same-sex marriage and two pending Supreme Court rulings on the subject have brought to mind the special estate planning issues faced by same-sex and other unmarried couples.  Marriage comes with important legal rights and benefits that are not automatically provided to all romantic partners. For example, the state of Florida has a default estate plan for every resident who dies without a will or trust.  If you get married, this default plan is automatically… [read post]
22 Oct 2010, 9:00 am by Hani Sarji
On October 20, 2010, Citizens for Tax Justice (CTJ) published State-by-State Estate Tax Figures: Number of Deaths Resulting in Estate Tax Liability Continues to Drop (PDF). CTJ advocates for a "more robust estate tax than what president Obama proposes." Specifically, CTJ would like to see S. 3533, The Responsible Estate Tax Act, enacted. The article states that S. 3533 is the best proposal and is the "most fiscally responsible estate tax proposal introduced during this Congress." (I described the… [read post]
21 Jul 2010, 12:09 pm by Lynne Butler
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]
6 Apr 2012, 10:34 am by Jeffrey A. Cramer
The statistics speak volumes: • More than 100,000 men, women and children currently require life-saving transplants • Every 10 minutes, another name is added to the National Organ Transplant Waiting List • On average, 18 people die each day due to the lack of organs available for transplant National Donate Life Month was instituted by Donate Life America and its members in 2003 to help address this tragic situation. As estate planning attorneys, we are well aware of the stress families endure… [read post]