Estate Tax

Last Week in Estate Planning (August 21 to August 27, 2011)

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One thing I enjoy about most of the top estate planning blogs is that they go to the trouble of citing others’ fine work.  In this week’s top 10 posts and articles, you will find several examples of this praiseworthy practice. Top Posts and Articles of the Week Post of the Week Be Mindful of…

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Update: The “Super Committee” and the State of Estate Taxes

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The Super Committee Congress has recently created a bipartisan “Super Committee” that is tasked with coming up with cutting $1.2 trillion from the U.S. Debt by November 23, 2011.  The Super Committee, also known as the U.S. Congress Joint Select Committee on Deficit Reduction, was created as a result of the recent debt ceiling crisis…

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Last Week in Estate Planning (July 10 to July 16, 2010)

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When the best in online reading on estate planning involves traditional Jewish stews, baseball, and a lawsuit involving the inability of an apparently dead person to refinance her mortgage, you know it’s going to be a fun week. Enjoy these posts and articles that I thought were the most interesting and helpful during the week…

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Obama Signs New Tax Law: How It Affects You

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The House and Senate have passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, also known as the 2010 Tax Relief Act, and President Obama signed the bill today.  Let’s take a brief first look at how the new law will affect all of us.  Read more...

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5 Estate Planning Ideas for Cliff Lee (& Other Pro Athletes)

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I am a life-long Phillies fan.  Imagine my pure delight when I heard that on Monday, elite pitcher Cliff Lee signed a 5-year, $120 million deal (plus a potential 6th if he reaches certain goals) with my phavorite team to help shepherd in a new era of excellence.  For more information, type “Cliff Lee” into…

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Senate Tax Bill Introduced: Impact on Estate Taxes and Revenues

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Yesterday, Senate Majority Leader Harry Reid introduced the first Congressional bill that reflects the Obama-Republican compromises on estate taxes from earlier this week. Hani Sarji at forbes.com has closely monitored the estate tax debate all week and provided an excellent summary of Reid’s bill early this morning.  Here, I summarize his summary by briefly explaining…

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The Estate Tax Debate: Some Behind-the-Scenes Concerns

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A $5 million estate tax exemption with a lower estate tax rate?  Executive Branch vs. Legislative Branch?  Democrats vs. Republicans?  These are exciting times for estate planning enthusiasts.  I have always wondered why there was never a “Law and Order” or “L.A. Law” type of show featuring estate planning lawyers.  “No, Ms. Senior Partner, a…

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Obama and GOP Agree on Estate Tax: Winners and Losers

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Last night, President Obama and leading Republicans came to an agreement to reinstate the estate tax in 2011 and 2012. The agreement exempts an individual’s first $5 million from the tax, and above that amount, the rate maximizes at 35%.  Read more...

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Irrevocable Life Insurance Trusts: The Fundamentals

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As discussed in this post on common uses for trusts, an irrevocable trust is a separate entity you can create for many different purposes. The “Irrevocable Life Insurance Trust”, or ILIT, is one type of irrevocable trust that is set up to own life insurance on your life. With the ILIT, your family can ultimately…

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A Common Estate Tax Reduction Strategy

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Much of the motivation behind many estate planning strategies is to simply avoid as much in estate taxes as possible.  We only have a couple months left of freedom from federal estate taxes, as they are pretty much assured to return in some form by January 1, 2011.  Read more...

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