If you are one of the many who has never given estate planning a whole lot of thought the term probably conjures images in your mind of the classic estate planning document that you hear people talk about in the old movies: the “last will and testament.” Most people are aware of the fact that … [Read More]
Reducing Estate Tax Exposure
As a result of the passage of the new Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 there are new estate tax parameters in place. The estate tax was repealed for 2010, but in 2009 the exclusion was $3.5 million and the maximum rate of the tax was 45%. In what was … [Read More]
Five Estate Tax Repeal Bills Introduced
When a bill that results in a 35% estate tax winds up being called a “tax relief act” there’s something wrong with the playing field. While it is true that the reduction in the estate tax rate to 35% from the 55% that had been anticipated for 2011 (and the 45% that was in place … [Read More]
Long Term Care Assistance For Veterans
When you are preparing for the latter stages of your life it can be challenging because there are so many variables involved. How you position your assets is going to vary depending on your liquidity needs and other factors. Since you can’t peer into the future all you can really do is keep yourself informed, … [Read More]
35% Estate Tax: This Is Relief?
We have all had time to stop and think about the ramifications of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, and a bit of distance always provides an altered perspective. Throughout the 2010 calendar year, during which the estate tax was repealed, the exclusion was scheduled to be just $1 … [Read More]
GST Tax, Gift Tax Impacted By Tax Act
It is interesting to observe the manner in which wordplay is used in the popular lexicon in an effort to take ownership of popular measures or attach blame for unpopular ones. The term “Bush tax cuts” has been universally used to describe the Economic Growth and Tax Relief Reconciliation Act of 2001, and talks on … [Read More]
Legacy Trusts Can Prevent Asset Erosion
Most Americans will tell you that they are not opposed to paying their fair share of taxes. However, the word “fair” is the key to the debate, and when it comes to the estate tax many people have a hard time wrapping their heads around it. We have passed along the news about the reduction … [Read More]
Estate Planning And Sunset Of Tax Act
2010 was a very interesting year for people who are involved in the field of estate planning due to the uncertainty that existed with regard to the estate tax parameters. The estate tax was repealed for 2010, but when it was last effect in 2009 the top rate of the tax was 45% and the … [Read More]
What Is A Durable Power Of Attorney?
In estate planning circles people sometimes throw around terminology without explaining it thoroughly because they are so used to these terms they become second nature. Yet, the layman may or may not know what is being referred to, so we endeavor to explain some of the core terms that are commonly utilized in the parlance … [Read More]
A Look At Charitable Remainder Trusts
When you are considering the manner in which you would like your assets to be distributed after your death you may decide that charitable giving is part of the plan. Doing what you can to help those less fortunate than you is always meaningful, but it takes on an added significance as your twilight years … [Read More]
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