It is no secret that grandparents generally have very special relationships with their grandchildren. When you are [Read More]
IRS Sets Adjusted Exclusion Amount
We recently reported on the fact that the budget agreement that was reached to stop the United States from going over the so-called “fiscal cliff” had some impact on the federal estate tax. The maximum rate of the tax went up from the 35% that was in place last year to 40%. The exclusion stayed … [Read More]
President Proposes Estate Tax Increase
We currently have a $5.25 million unified exclusion that applies to your estate and the taxable gifts that you have given throughout your life. The maximum rate of the estate tax and the gift tax at the present time is 40%. These parameters were supposedly “permanently” put into place after the passing of the American … [Read More]
Inheritance Tax Vs. Estate Tax
A lot of people think that an estate tax and an inheritance tax are one and the same, but in fact they are two different things and we would like to clear up the distinctions here. The estate tax is levied on the entirety of the estate before it is passed along to the heirs. … [Read More]
What Is Your Net Worth?
Financial planning attorneys will advise you to remain apprised of your net worth at all times. There are a number of different reasons for this, and one of them is the fact that you need to know exactly where you are in the present to determine if you are on the proper course for retirement. … [Read More]
The Estate of Ed Koch
The former mayor of the city of New York Ed Koch died on February 1st at the age of 88. He actually served three terms as the mayor of the city after serving as a member of the United States House of Representatives. More often than not you can learn something about [Read More]
Powerball Winner & Estate Taxes
The Powerball lottery is quite a phenomenon in the United States. Ordinary people have the opportunity to win extraordinary sums of money, even though the odds are extremely slim. Many of us have imagined winning this type of jackpot. We formulate all kinds of plans regarding what we would do if we were to come … [Read More]
How Large of an Estate Can Pass Federal Estate Tax Free?
You may think that you can just arrange for the distribution of your assets to your loved ones after you pass away without worrying about taxation. However, there is in fact a federal estate tax in place. Many people question the fairness of this tax. The money that you are able to accumulate throughout your … [Read More]
Estate Planning Seminars
The more that you understand about estate planning, the more likely it is that you will take action to protect your own interests and those of your loved ones. Estate planning is not always as simple as expressing your wishes with regard to the slicing up of a monetary pie. Different families have different concerns, … [Read More]
Does Your Estate Plan Need an Update in 2014?
They say that time flies, and 2013 is now behind us. As you turn the page and enter a new year, you may be revisiting some of the things on your to-do list that you have been procrastinating about. With this in mind, have you looked at your estate plan in a while? Ongoing Process … [Read More]
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