Posts Tagged ‘ United States Congress ’

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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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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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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A Defense of Marriage Act (DOMA) Primer

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You may have heard reference to the Defense of Marriage Act (DOMA) in the news lately.  In this post, we will briefly explain DOMA, recent Presidential and Congressional reaction, and the potential effects moving forward. The Current Law DOMA is essentially based on three provisions in Federal law:  Read more...

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Elder Abuse Law: Is Momentum Building for New Legislation?

Justice For All: Ending Elder Abuse, Neglect & Financial Exploitation Senate Hearing

You may have read about 90-year-old actor Mickey Rooney’s recent testimony at the Senate Special Committee on Aging regarding how he personally suffered psychological abuse and financial exploitation due mainly to his advanced age.  Today, we will list some resources and links regarding the developing law regarding elder abuse. CATEGORIES OF ELDER ABUSE According to…

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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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