It has been a long and uncertain year for anybody interested in the future of the estate tax, filled with a few ups, a few downs, and a lot of speculation. But after the recent passage of the new bipartisan tax bill all of the confusion and speculation is finally at an end, and it’s… Read More »
Posts Categorized: Current Events
Estate Tax Update: “Clarity” is Here
It looks as if the long and weary road to estate tax clarity ended on 12/17/2010 when President Obama signed the compromise tax package negotiated with Republican leaders. Here are some quick highlights: Tax Election for 2010 Estates: This is one of the biggest parts of the deal. The bill gives 2010 estates the choice of whether… Read More »
Make This Year Memorable: A 2010 Gift-Giving Guide
Fruit baskets, kitchen gadgets, and Kindles aren’t the only gifts you can give loved ones this year (although you’ll see below that video game systems still make the cut.) Instead, why not give something unique that will leave a lasting impression and help protect your loved one? Here are a few non-traditional ideas for friends… Read More »
Preparing Boomers for the Finance Sandwich Squeeze
Baby-boomers are called the sandwich generation—and with good reason. They were expecting to pay for their own retirement and their children’s college education; but now recession upon recession has toppled their elderly parents’ savings, and Boomers find that they are faced with the prospect of shouldering the financial burden of their parents’ final years as… Read More »
Just Say No? Medical Marijuana in Nursing Homes
The legalization of marijuana is on the ballot in California this November, but California isn’t the only part of the country where marijuana is making news. The use of marijuana for medical purposes is being debated around the nation—especially as concerns elderly patients in nursing homes which receive federal funding through Medicare or Medicaid. This… Read More »
Prepare Now for an Uncertain Future
There’s a useful saying that goes something like this: “Expect the best, but prepare for the worst.” Never has that saying been as useful as it is right now in regards to asset protection and estate planning. As Laura Lallos mentions in her article in the Morningstar Advisor, “Estate attorneys are trained to prepare for… Read More »
Lapse in Generation-Skipping Transfer Tax Makes Giving to Grandkids Easier Than Ever
Wealthy grandparents have a unique opportunity this year to give their grandchildren gifts of substantial value without incurring any generation skipping transfer tax. This is a huge savings opportunity!—so why aren’t more people taking advantage of it? Part of the reason may be lack of awareness. Everyone knows about the Bush administration’s year-long repeal of… Read More »
How to Prepare for Dismaying Changes to Estate Tax Law
This may seem like we’re listening to a broken record, but once again Congress’ inability to act is creating uncertainty in the estate-tax-planning world. We’re little over 3 months away from a major upheaval in the estate tax, and according to the New York Times the upcoming law is likely to cause a lot of… Read More »
Planning to Live Through the 2010 Estate Tax Repeal? You Can Still Save on Taxes
It is common knowledge that 2010 is a great year for heirs. If you didn’t know about the 2010 estate tax repeal, all the media coverage of George Steinbrenner’s recent death (and his heirs’ lucky tax break) probably alerted you. Everybody is saying that 2010 is a good year to die… But what about those… Read More »
Does Marriage Matter in Estate Planning?
How much does “marriage” matter when it comes to estate planning? The recent California court ruling on gay marriage has thrown marriage and its meaning once again into the limelight, and has many people thinking about what marriage means on a legal level. Anyone who pays taxes knows that your marital status matters to the… Read More »