Government & Politics

Federal Estate and Gift Tax Rules for 2013, Including Examples

Barack_Obama_walks_through_the_West_Wing1

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…

Read more »

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

300px-U.S_pennies

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…

Read more »

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

75px-Dallin_Oaks

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…

Read more »

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

US_Federal_Debt_as_Percent_of_GDP_by_President

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…

Read more »

The New Virginia Title 64.2: A Whole Greater than the Sum of 5 Parts

2047300848_a6ccd83d4a

In recent years, one’s estate planning considerations are touching upon an increasing range of issues.  In Virginia, a thorough estate plan must include consideration of the laws relating not only to wills and trusts, but also to fiduciaries, guardianship of minors, adult guardianships and conservatorships. The fact that these topics are presently covered in no…

Read more »

2012 Changes in Virginia Trust Law (Part 2): Decanting & Directed Trusts

75px-Virginia-StateSeal.svg

Last week, we discussed in Part 1 of this topic how Virginia recently passed several bills that will revise state trust law on July 1, 2012.  Today, in Part 2, we will continue our discussion about these changes in the law. As a reminder, while these rules are currently the law in a minority of…

Read more »

2012 Changes in Virginia Trust Law (Part 1): Asset Protection Trusts

75px-Virginia-StateSeal.svg

Virginia recently passed several bills that will revise state trust law on July 1, 2012.  In this post and the following post, I will attempt to briefly describe these changes in the law, define key terms and discuss the effects of each.  Some of these rules are already in place in other states, but the…

Read more »

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…

Read more »

Last Week in Estate Planning (September 18 to September 24, 2011)

22281812_96106bb70b_m

This past week, there were several posts and articles that provided helpful information in terms of estate administration and the nuts and bolts regarding the transfer of decedent’s property to their rightful heirs. Top Posts and Articles of the Week Post of the Week Estate Auctions Aren’t Just for the Rich and Famous, Julie Garber,…

Read more »

Last Week in Estate Planning (September 11 to September 17, 2011)

6125145054_6bc2bc1dcf_s

This past April top estate planning blogger David A. Shulman, Esq. opined that “[t]he #1 Estate Planning blog is and continues to be Texas Tech Univ. School of Law Professor Gerry Beyer’s ‘Wills, Trusts & Estates Prof Blog.’  It is, and continues to be, essential reading for anyone in the profession.”  Read more...

Read more »