Tag Archives: Estate Tax

Avoid Tax When You Sell Appreciated Assets

Charitable trusts let you avoid tax when you sell appreciated assets such as real estate, a business, or securities. This requires splitting the asset into two parts (an income, payable for a term of up to 20 years or a lifetime, … Continue reading

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Estate Portability Made Permanent

Prior to 2011, if a person passed away with less than the amount of estate exclusion amount any unused portion of the exemption was lost. Starting in 2011, Congress allowed those people who passed away with less than the estate … Continue reading

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Estate Tax Rate Raised to 40%

The American Taxpayer Relief Act of 2012 not only made the estate and gift tax exemption amount permanent and indexed,but it also increased the maximum tax rate that is applied to excess transfers. The Act changes the top rate to … Continue reading

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Estate Tax Exemption Made Permanent and Indexed

With the passage of the American Taxpayer Relief Act of 2012, Congress made the exemption amount for estate, gift and generation skipping tax permanently set at $5 million.  The $5 million is indexed for inflation starting in 2013. We project … Continue reading

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Romney’s “I Dig it”

Bloomberg recently reported that in January 1999, a trust set up by Mitt Romney for his children and grandchildren reaped a 1,000 percent return on the sale of shares in Internet advertising firm DoubleClick Inc. Romney avoided gift and estate taxes … Continue reading

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2011 Gift Tax Returns Reflect Recent Law Changes

IRS has released final Form 709, United States Gift Tax Return, for gifts made during 2011 and instructions. The final form and instructions reflect law, administrative and indexing changes for gifts made in 2011 including changes made by the Tax … Continue reading

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Estate Exemption Amount Increases for 2012

The estate and gift exemption amount for 2012 has increased to $5,120,000.  The annual gift tax exclusion amount remains at $13,000 and the top tax remains at 35%.  The exemption amount and rate are in effect through the end of … Continue reading

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How today’s low interest rates affect tax and estate planning

Interest rates have dropped significantly in recent months and may remain low given the state of the economy. Sagging rates can have a significant impact on many tax and estate planning strategies. Lower interest rates affect the income, estate and … Continue reading

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New Life for Qualified Personal Residence Trusts

A special kind of irrevocable trust can be used to transfer your residence to your children at a significantly reduced gift tax cost and with no estate tax, yet allow you to continue to live in the residence for as … Continue reading

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What if a loved one died in 2010?

As we all know by now, Congress let the estate tax law expire in 2010, then reinstated it starting in 2011. Will what if a loved one died in 2010? What do you do? As usual, Congress has made this … Continue reading

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