Taking Advantage of Temporary Gift Tax Exclusion
There is an interesting article in the Wall Street Journal today on taking advantage of the temporary gift tax exclusion. The gist of the article is that affluent families are “holding off” from gifting in some circumstances out of either (a) desire to not undermine...
Death Tax Coming Back with a Vengeance in 2011
It is now all but certain that we will have an estate tax in 2011, and it will be harsher than any other system we have had before in this regard since 2001, with the estate tax lifetime exclusion reduced to $1 million and the top tax bracket at 55%! Furthermore, as...
Transferring a Residence for Estate Tax Planning
There is an excellent article today in the NY Times about transferring one’s residence to loved ones in order to reduce applicable estate taxes. Although there are no estate taxes this year (UNLESS Congress passes a law retroactively - a lower percentage possibility...
Checklist for Probate or Trust Administration
The loss of a loved one is a traumatic event, and if you have been designated in your recently deceased loved one’s will or trust as the executor of their estate or trustee of their trust it is three times as hard . You are not only grieving for your loss but have to...
Don’t Waste Money on Your Attorney!
There is nothing that your attorney cannot figure out given enough time. But that’s expensive. The client who appears for a meeting with a shoe box full of documents in disassociated condition will pay more in attorneys fees just to get organized or to have the...
Taxes and Congress – Update
I recently listened in on a teleconference sponsored by UBS on the current tax situation and the speakers had some interesting observations about that dysfunctional group known as Congress. It is very quiet in Washington DC after a busy summer since everyone is...
Extension of Nonrecourse Protection Vetoed by Governor
On Friday, October 1st, Governor Schwarzenegger vetoed SB 1178, which would have extended anti-deficiency protection under Section 580(b) to include refinance loans which replaced loans which were qualified purchase money. The bill would have prevented lenders from...
10 Simple Things High Net Individuals Should Know When Considering a Prenup
Marriage is of course both a spiritual and financial union. Telling your significant other that you want a prenuptial agreement (“prenup”) can be awkward and getting it done potentially even more awkward. Here are some tips to remember to make the path easier:...
If You Died Tomorrow Could Your Family Still Depend on Your Business?
A common issue that I see with new business owner clients is the lack of a succession plan. No it’s not so fun to contemplate death but consider the following: 1. Will your spouse be able to depend upon the benefits of your business if you died tomorrow? 2. What about...
What Should We Do with the Estate Tax?
There is a dedicated section of the Wall Street Journal today focusing on the estate tax and what Congress should do. The central argument against the estate tax is that your loved ones should be able to receive what you have already earned and paid numerous levels of...