Category: Gift Tax
For farmers, land is far more than an asset to be valued and sold. Land is a legacy to be protected, a resource that generates income and, if land has been passed down from generations, the cornerstone of their family’s heritage. The goals of estate planning for farm owners involves planning for the needs of […]
Every year, you’re allowed to give another person up to the annual gift tax exclusion—this year $14,000—without reporting the transfer to the IRS or having to pay taxes on the sum, says CPA Cari Weston, senior technical manager of the American Institute of CPAs taxation division. Have you ever wondered if a large financial gift […]
For those who are fortunate to enjoy their retirement and have enough money to leave behind, they might be wondering whether it is best to leave an inheritance or gift their assets? Although the percentage of taxes owed on gifts and inheritance is the same, one is inclusive and one is exclusive, and the dollar […]
The U.S. House of Representatives this week passed a bill to provide gift tax certainty to individuals who make gifts to 501(c)(4) social welfare organizations, 501(c)(5) labor unions, and 501(c)(6) trade associations. In a related move, the House also passed a bill to repeal the federal estate tax (H.R. 1105, the “Death Tax Repeal Act”). […]
Just when you thought the estate tax laws were permanent, President Barack Obama comes out with a comprehensive plan for changes that would take away many strategies that save wealthy families taxes. As we’ve said before, estate planning is not a one-time project. As life changes, you need to make adjustments to your plan. And […]
A Super Bowl win and a free truck? Tom Brady has a lot to celebrate. In fact, he’s so happy he may even give his new truck to a teammate. The catch? Something he may not celebrate is the tax bill to follow. What did you think of this year’s Super Bowl? If you didn’t […]
Area Congressman Mac Thornberry filed his first bill of the 114th Congress on its opening day. The Death Tax Repeal Act (H.R. 173) will completely and permanently repeal the Federal estate, gift, and generation-skipping taxes. The bill already has garnered 36 cosponsors. The estate tax is making headlines again, but this time the topic points to […]
Today, a 65-year-old man has a life expectancy of 84 while a 65-year-old woman has a life expectancy of nearly 87, according to the Social Security Administration. That increased longevity has changed all kinds of financial planning, such as retirement calculations and long-term care insurance costs. But its impact on trusts and estates is only […]
As many estate planners anticipated, the Internal Revenue Service has raised the limit on tax-free transfers during life or at death. Starting in 2015 that amount, known as the basic exclusion, will go up to $5.43 million per person, from $5.34 million this year. In the spirit of year-end planning, there will be a change in […]
Keep an eye on the Obama Administration budget proposals as there are several provisions which may affect estate planning. For example, there is a provision which would reduce the $5 Million federal estate tax exemption to $3.5 Million – the 2009 level. Stay tuned! http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2015.pdf
