January 2011 Posts

  • 10 Tips from a Tax Lawyer for 2010 and 2011

    Last week I was interviewed regarding income and estate taxes in 2010 and 2011 offering tips and insights based on what I see in my practice. Click here for the text and the podcast. ...
  • You Need a Power of Attorney

    Giving someone your power of attorney (POA) has been likened to giving a trusted person a spare set of keys to your house or car. If a problem arises — for example, you lose your keys — your interests are protected. ...
  • More on Estate Tax – for 2010, 2011 and 2012

    "Nothing is certain but death and taxes," Benjamin Franklin famously said. In the last decade, another occurrence has been certain: The federal estate tax keeps changing. The tax cut legislation passed recently establishes new estate and gift tax rules for this year, next year and last year. ...
  • Obsessed with Taxes – Get the IRS Smart Phone App!

    IRS Launches the IRS2Go App for iPhone, Android; To Check Refunds, Get Tax Information Video: IRS2Go: English WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information....
  • RA Charitable Rollover is Back

    There’s good news if you’ve reached age 70 1/2, and you have an IRA and philanthropic inclinations. Through 2011, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 resurrected the opportunity to make cash donations to IRS-approved charities directly out of your IRA....
  • Organ Donation in North Carolina

    Do you want to be an organ donor? Do you know how to become one? There are three ways to become a donor: 1. Request that a heart be placed on your driver’s license at the DMV. ...
  • No more “Do-Over” Strategy for Social Security Retirement Benefits

    On December 8, 2010, the Social Security Administration published a new rule eliminating the “do-over” strategy some retirees were using to boost their retirement benefits. The new rule went into effect immediately....
  • Don’t Pay more than 24.5% Tax on Your Roth Conversion

    Do you think you have to pay income tax on large ($500k++) Roth IRA conversions at the top marginal tax rates? Think again. I have recommend the following strategy to several of my clients. In most cases, you can stay with your current investment manager....
  • Domestic Asset Protection Trusts – What State is Best?

    A dozen states now offer what are called Domestic Asset Protection Trusts (DAPTs), which allow a trust grantor to shelter trust assets from creditors while retaining the right to distributions from the trust. ...
  • $5 Million Estate Tax Exemption Here to Stay?

    This week I’m attending the University of Miami School of Law Heckerling Institute on Estate Planning. Most of the speakers so far are of the opinion of that the current federal estate tax exemption will not be decreased in 2013 when TRA 2010 expires....
  • Some Taxpayers Must Wait to File 2010 Federal Returns

    From today’s IRS Newswire: For most taxpayers, the 2011 tax filing season starts on schedule. However, tax law changes enacted by Congress and signed by President Obama in December mean some people need to wait until mid- to late February to file their tax returns in order to give the IRS time to reprogram its processing systems....