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.
Posts Categorized: Financial Planning
The Latest Temporary Estate Tax Rules
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.
No Social Security COLA for 2011
Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 58 million Americans will not automatically increase in 2011.
from USA TODAY (SEPT 27, 2010): WHAT’S IN SMALL BUSINESS CREDIT BILL FOR YOU? MONEY, MAYBE.
The biggest provision of the Small Business Jobs and Credit Act, and the one that gets the most attention, is the $30 billion loan provision. But there’s actually a lot that can help you.
From THE NEW YORK TIMES (SEPT. 15, 2010): DEVISING STRATEGIES WHILE THE ESTATE TAX IS IN LIMBO
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.
FAMILY ESTATE PLANNING / FINANCIAL TOOLS FOR YOUNG PEOPLE
Talking to your grown kids about finances can be a bummer. Here’s an opportunity to impress them by turning them on to a website that provides some pretty good financial information. Currency, a new service from American Express, helps young adults take charge of their personal finances. It even includes an iPhone app: “Social Currency.” Impress your kids by emailing them a link to Currency.
From THE LOS ANGELES TIMES (SEPT 16, 2010): SENATE APPROVES OBAMA’S SMALL-BUSINESS AID PACKAGE
Last week, on a 61-38 vote, lawmakers pass the bill, which would create a $30-billion small-business lending fund and give $12 billion in tax breaks to encourage companies to invest and hire. This wee, the bill passed the House 237-187. President Obama is expected to sign shortly.
From REUTERS (SEPT 15, 2010): PERSONAL FINANCE: THE YEAR-END TAX PLANNING CHALLENGE
Congress and the White House are busy jockeying for position on whether — and for how long — to extend the Bush income tax cuts that expire at the end of this year. It’s time for you to get busy, too. With just a little more than three months left in 2010, you’ve got to make sure your own tax situation is in order.
Wealth Matters – Preparing Children to Be Safe at College – NYTimes.com
Another installment in the list of things you really don’t want to think about (but should) when you send your kids off to college. A little bit of awareness of potential problems can go a long way to keeping your loved ones safe.
Wealth Matters – Insurance Options for College Students and Their Parents – NYTimes.com
Something you may not want to consider, but should, when you send your kids off to college. Not a bad idea to talk with your insurance advisors about how to deal with risk of loss and protection from potential liability vis-a-vis your budding scholars.