Posts Tagged ‘ estate tax ’

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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1600 Words About a 100-Word Addition to Virginia Trust Law (Part II)

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In Part I of our discussion, we introduced the Uniform Trust Code and why Virginia would deviate from it.  Today, we explain Virginia’s rationale for changing its law on creditors’ rights to annual gifts into a trust and to inter-vivos marital deduction trusts. What was Virginia’s concern regarding annual gifting into a trust?  Read more...

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It’s Time for Estate Planning Maintenance Plans: Here’s Why

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Today, I’d like to revisit the idea of estate-planning maintenance plans.  There is a new trend developing in which people can not only receive the requisite documents from their estate planning attorney, but can also pay an annual fee to have the attorney provide necessary updates and guidance as your life, your circumstances and even…

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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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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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