The U.S. Debt Ceiling was raised before the magical August 2 deadline amid great hand-wringing and “the sky is falling” rhetoric out of our nation’s capitol. Despite the tireless efforts of our tireless representatives, our stock market still plunged, and global markets followed suit. Making sense out of the baloney sandwich we have just been fed is tricky.
Posts Categorized: Estate Taxes
By creating a Charitable Remainder Trust (CRT) and selling assets low basis assets through it, a donor can reap dramatically increased income, get a nice income tax deduction, and benefit a favorite charity. Not a bad way to recover from an IRS-induced April 15 headache.
For many of us, estate planning is an uncomfortable subject. That’s understandable, but there are adverse consequences to avoiding it.
Estate tax exclusion “portability” is a nice idea, but dangerous if you don’t understand its implications.
An important piece of the new tax act is the extension of a great way to make charitable gifts through your IRA. The only catch is you have to be 70-1/2 or older to take advantage of it.
Estate taxes are completely optional for those who are motivated to avoid them. A special wrinkle in the law provides a rare opportunity to make gifts to charity and your loved ones without the IRS or Congress getting their hands on your assets after you are gone.
Now we know what the gift, estate, and generation-skipping transfer tax rules will be–for the next two years, as Congress passes the “tax relief” bill that we have been hearing so much about. There may be good reason to breathe a sigh of relief, but not to put off estate planning.
Most people think estate planning is all about avoiding probate and taxes so they can maximize what they leave their loved ones. There is a far more important reason to “put your house in order.”
There are some basic mistakes you really don’t want to make when it comes to estate planning. This article highlights some of the biggest boo boos.
The federal estate tax is scheduled to rise from the ashes on January 1, and many Hawaii families will feel its bite unless Congress changes current law.