Gifting

Federal Estate and Gift Tax Rules for 2013, Including Examples

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By passing the American Taxpayer Relief Act of 2012 (“ATRA”), President Obama and Congress have agreed on a first step towards solving our fiscal cliff problem.  While neither Democrats or Republicans seem overly “happy” with the new law, their compromise has created a level of stability in federal transfer taxes unseen in well over a…

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What is the Federal Gift Tax? The Rules for 2012 (And Beyond?)

Photo credit = "Taxes" by 401kcalculator.org via flickr

Image by 401kcalculator.org via flickr. Let’s discuss federal gift taxation for 2012. Our government has been fairly active lately initiating proposals for gift taxes in 2013 and beyond. For example, earlier this month, President Obama proposed the application of the gift tax rules that were in place in 2009. Since this would result in a…

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Maybe Joe Paterno’s House Transfer Wasn’t So Dumb After All

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“You see my husband as a saint, so he must be right in everything he says and does.  And then you see him as a devil, and everything he says and does must be wrong.  Well, my husband is neither a saint nor a devil.  He’s just a human being and he makes mistakes.”  Read…

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Lending Money to Family – Don’t Forget About “Imputed Income”

IRS Commissioner Douglas Shulman Addresses The AICPA Annual Conference

Let’s say you want to lend a significant amount of money to your child, another family member or even a friend.  To further help, you decide that you want to make the loan without interest (or at a below-market rate).  Bully for you – you should be commended for your support and assistance to your…

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Last Month in Estate Planning (October 2011)

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The following is a summary of popular topics discussed in estate planning blogs and articles last month. Federal Estate and Gift Tax Updates The IRS announced that for 2012, the federal estate tax exclusion will increase to $5,120,000 (it was $5 million in 2011).  As Julie Garber of about.com notes, this means that the lifetime…

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14 Advanced Ways to Transfer a Personal Residence to Your Heirs

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Yesterday’s post covered 13 options for homeowners wanting to transfer their personal residence (“PR”) within their circle of family or friends after death.  Today, we continue the discussion by presenting 14 additional options more appropriate for families that are anticipating an estate or gift tax liability in the future.  Read more...

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Last Week in Estate Planning (August 14 to August 20, 2011)

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There were many excellent blog posts last week.  Some of the topics you see linked and discussed below may contain some unfamiliar topics, but all provide excellent introductions to the given subject. Top Posts and Articles of the Week Post of the Week To Stretch and Protect: The Goal of a Retirement Trust, David E.…

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Last Week in Estate Planning (July 31 to August 6, 2011)

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As stated here, the reason this blog showcases the excellent posts and articles about estate planning is an attempt to make the topic more accessible and less intimidating.  However, it has been suggested that I am linking to far too many sources each week, and that this fact actually works against the original goal.  Read…

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Last Week in Estate Planning (July 3 to July 9, 2011)

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In the previous “Last Week in Estate Planning” entries, I placed the “Post of the Week” at the bottom as a way of building suspense.  However, I have been advised that burying the lead in a blog post is perhaps imprudent. So now, the “Post of the Week” goes first, which is especially appropriate given…

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Business Succession Planning: Gifting and Discounting Basics

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If you currently own a business, estate planning is probably not one of your highest priorities.  You are certainly more concerned about where your income is coming from, how to beat the competition, and how you can better develop your product and service.  Read more...

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