Tag Archives: Gift 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

Posted in Blog, Estate & Gift Tax, Featured on Homepage, Tax Planning | Tagged , , , , , , | Leave a comment

How Section 529 Plans Can Help With Your College Savings

These days saving for college can be harder than saving for retirement. Consider Section 529 Plans which offers various tax advantages. Section 529 Plans are state-sponsored college savings plans that allow you to set aside money for your child’s education … Continue reading

Posted in Blog, Estate & Gift Tax, Featured on Homepage, Finance & Banking, Tax Notes, Tax Planning | Tagged , , , , , | Leave a comment

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

Posted in Blog, Estate & Gift Tax, Featured on Homepage | Tagged , , , , | Leave a comment

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

Posted in Blog, Estate & Gift Tax, Featured on Homepage | Tagged , , , , | Leave a comment

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

Posted in Blog, Estate & Gift Tax, Featured on Homepage | Tagged , , , , , | Leave a comment

Interest runs from due date of unreported gift

It is not uncommon for our clients to come to us long after they made gifts to their children or others.  They usually do not mention it, I think, because they believe it is under the total exemption amount (currently … Continue reading

Posted in Blog, Estate & Gift Tax | Tagged | Leave a comment

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

Posted in Blog, Featured on Homepage | Tagged , , | Leave a comment

Year-end gifts to family members can yield more family tax savings than in prior years

We are fast approaching a darker tax climate in 2013 for investment income and gains. As we have been writing, higher-income taxpayers will face a 3.8% surtax on their investment income and gains. Additionally, if the Bush Tax Cuts expire, all taxpayers will … Continue reading

Posted in Blog, Estate & Gift Tax, Featured on Homepage, Tax Notes | Tagged , , | Leave a comment

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

Posted in Blog, Estate & Gift Tax, Featured on Homepage, Tax Notes, Tax Reporting | Tagged , , | 1 Comment

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

Posted in Blog, Estate & Gift Tax, Featured on Homepage | Tagged , , | Leave a comment