Gift Tax

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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The Fiscal Cliff and Your Estate Planning (Part III): The Impact on You

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In the first post of this series, we discussed the fiscal cliff and its impact on our economy.  In the previous post, we covered the proposals most likely to be considered by Congress in the coming weeks.  In this final post of the series, we cover the impact of these proposals on you and the…

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The Fiscal Cliff and Your Estate Planning (Part II): Proposed Laws

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In Part I of this topic, we explained the fiscal cliff and how it will likely result in changes in estate and gift tax law that could affect millions of families in the coming years.  In this post, we discuss each of the main proposals regarding these taxes that seem to be under the most…

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The Fiscal Cliff and Your Estate Planning (Part I): The Basics

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The recent election results combined with the impending “fiscal cliff” means that there will most likely be changes in tax rates in the near future. For example, we are pretty much guaranteed that the federal estate and gift tax rules will change for the 12th time in the last 13 years. In fact, chances are…

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

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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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ALERT: Gift Tax Exemptions Could Be Significantly Lowered By Next Week

The Deficit Reduction Super Committee Holds Meeting For Opening Statements

There is an increasing buzz in the estate planning community regarding the decisions the Super Committee must make by next Wednesday, November 23. As we have discussed previously, the Super Committee is made of six Democrats and six Republicans evenly split from the U.S. House and Senate.  Their task is to come up with a…

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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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Last Week in Estate Planning (September 4 to September 10, 2011)

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So I just saw “Contagion”, the movie released last week about the effects of a global pandemic.  While it certainly had a “could this really happen” feel to it, it also produced skeptical “who is going to profit from scaring the public due to the depicted realism” thoughts as well.  Read more...

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

Senator Jon Kyl (R-Arizona) - Image via Wikipedia

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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