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Basic Steps to Avoiding Probate

As many of you know that follow this blog my father recently passed away and I've been called upon to settle his financial affairs. My biggest fear is probate and after studying the tax code I have grown to be of

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Posted in Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Probate

Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to

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Posted in Estate Tax, Gift Tax, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests, Trusts

2012 Estate Tax Exemption Increase

IRS Rev. Proc. 2011-52 states that the federal estate tax exemption will increase from $5,000,000 to $5,120,000 for the estates of decedents who die in 2012. Subsequently the lifetime gift tax and generation skipping transfer tax exemptions will increase from $5,000,000 to

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Posted in Generation Ski[[ing Transfer Tax, Gift Tax

Estate Tax Planning Tips for 2011

The 2010 Tax Act extends to December 31, 2012, the income, estate, gift and generation-skipping tax provisions enacted during the administration of President George W. Bush ("EGTRRA"). For the two-year period beginning January 1, 2011, it reinstates the unified federal

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Posted in Estate Tax

Estate Tax Planning Opportunities

Being able to make transfers of up to $5 million ($10 million per couple) without having to pay gift taxes allows for planning opportunities that, combined with leveraging strategies, can transfer huge amounts of wealth. These include: Simple Gifts -

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Posted in Estate Tax

Estate, Gift and Generation Skipping Transfer Tax

For 2011 and 2012, the gift, estate and GST tax exemptions are unified again, with the exemption set at $5 million and the tax rate at 35%. The $5 million exclusion is indexed for inflation beginning in 2012.  Remember these changes are

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Posted in Estate Tax

Number of Decedents Subject to Estate Tax Continues to Drop

Citizens for Tax Justice has released State-by-State Estate Tax Figures: Number of Deaths Resulting in Estate Tax Liability Continues to Drop: New data from the IRS show that only 0.6 percent of deaths in the U.S. in 2008 resulted in

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Posted in Estate Tax
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