-
Tips From Tom
- Deficit Reduction Debate Might Impact Specific Estate Planning Techniques
- Estate Tax Exemption Actually $5.25M in 2013 When Adjusted for Inflation
- 2013 Annual Gift Tax Exemption $14,000
- Fiscal Cliff Legislation Keeps $5M Federal Estate Tax Exemption
- Use a Qualified Personal Residence Trust to Avoid Federal Estate Tax
- Time to Convert Your Traditional IRA to a Roth IRA?
- Federal Estate Tax and the “Fiscal Cliff”
- Back to School
- New Law Affects Durable Powers of Attorney in Michgan
- When Does Your Durable Power of Attorney Become Effective?
Archives
Categories
Twitter
- Go Wings!by HootSuite
- President Obama's proposed budget reduces Federal Estate Tax exemption to $3.5 Million ^Tby HootSuite
- Obama’s 2014 budget includes caps on tax-preferred retirement accounts such as IRAs and 401(k)s ^T
http://t.co/rnFOJcM0DCby HootSuite
- Go Wings!
Monthly Archives: February 2012
Be Sure to File Your Gift Tax Return…the IRS is Watching
If you give anyone more than $13,000 during the year, then you are required to file a gift tax return with your income tax return. Unfortunately, many do not know about this requirement, choose to ignore it, or do not … Continue reading
Posted in Estate Planning
Leave a comment
Don’t trust your children to do what they say they will do
Of course, we all want to trust our children. For many, their estate plan is trusting a child to do what they know the parent would want them to do. It might be making a bank account joint with one … Continue reading
Posted in Estate Planning
Leave a comment
Having a Will does not avoid probate!
When asked why they want have a Will, many people tell me it is because they want to avoid probate. A Will, however, never avoids probate. It only becomes effective once you have died and a probate estate has been opened … Continue reading
Posted in Estate Planning, Will
Comments Off
Don’t forget your pets when making your estate plan
Have you made arrangements for someone to care for your pets if you become incapacitated? Who will care for them when you die? Have you set aside funds to cover the cost of caring for your pets? What rescue/shelter/organization would … Continue reading
When you add a child to the deed to your home you are making a gift that might be taxable at a 35% tax rate
When you give something to someone that they did not pay for, that is a gift. And, during 2012, if you give more than $13,000 worth of gifts to someone during the year, you might be subjecting yourself to a … Continue reading
Only the property that is placed in your Trust will be controlled by the Trust
Think of a Trust as a box sitting on your table. The only property that will be controlled by the Trust is what has been put inside the box. This is often called “funding” your trust. Stuff is put in … Continue reading