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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?
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Author Archives: Tom
Deficit Reduction Debate Might Impact Specific Estate Planning Techniques
While the “fiscal cliff” legislation addressed taxes (including Estate and Gift Taxes), the deficit reduction can was kicked down the road for 2 months. It is possible that certain traditional estate planning techniques will be included in the deficit reduction … Continue reading
Posted in Estate Planning, Taxes
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Estate Tax Exemption Actually $5.25M in 2013 When Adjusted for Inflation
Under the new “fiscal cliff” legislation that extended the $5M Federal Estate Tax Exemption, the exemption is to be adjusted annually to keep up with inflation. Due to the inflation factor from 2012, the actual amount of the exemption in … Continue reading
Posted in Estate Planning, Taxes
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2013 Annual Gift Tax Exemption $14,000
The IRS has announced that the annual Federal Gift Tax Exemption for 2013 has been increased from $13,000 to $14,000. Additionally, you still have unlimited exemptions for gifts made to cover the costs of higher education and medical expenses.
Posted in Estate Planning, Taxes
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Fiscal Cliff Legislation Keeps $5M Federal Estate Tax Exemption
The fiscal cliff legislation passed last night continued the current $5 Million Federal Estate Tax exemption, but increased the tax rate from 35% to 40% on any excess. It, also, appears that portability between spouses has been retained. With portability, … Continue reading
Posted in Estate Planning, Taxes
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Use a Qualified Personal Residence Trust to Avoid Federal Estate Tax
A qualified personal residence trust (“QPRT”) is a special type of trust that can be used to avoid or minimize Federal Estate Taxes. The QPRT is used to remove the value of your personal residence from your estate, thereby reducing … Continue reading
Posted in Estate Planning
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Time to Convert Your Traditional IRA to a Roth IRA?
Absent any agreement between President Obama and Congress to avoid the pending “fiscal cliff” on January 1, the Bush tax cuts will expire resulting in increased marginal tax brackets up to 39.6%. Additionally, the Alternative Minimum Tax will, again, rear … Continue reading
Posted in Estate Planning
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Federal Estate Tax and the “Fiscal Cliff”
Now that the presidential election is behind us, all eyes are on the quickly approaching “fiscal cliff”. On January 1, 2013, in addition to other tax issues, the Federal Estate Tax exemption amount is scheduled to be reduced to one … Continue reading
Posted in Estate Planning
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Back to School
Summer is winding down, and the kids are back in school. So, it’s a good time to take a look at your estate plan to see what needs to be updated. Don’t have a plan? Then it’s time to get … Continue reading
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New Law Affects Durable Powers of Attorney in Michgan
On May 23 the Governor signed Public Act 141 of 2012 that affects the drafting and execution of Durable Powers of Attorney in Michigan, and the powers of the attorney-in-fact designated therein. The Act further requires the agent-in-fact to execute … Continue reading
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When Does Your Durable Power of Attorney Become Effective?
A Durable Power of Attorney can be drafted to become effective upon signing, or only if you become incapacitated. If drafted to become effective upon signing, your named agent can immediately take charge of your assets. If, on the other-hand, … Continue reading
Posted in Estate Planning
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