December 2012 Posts

  • 9 Steps (Days) Away From the Fiscal Cliff – EIN Problems Too

    Congress has failed to avert the fiscal cliff. We have only nine days until the estate tax exemption drops to $1 million (and the rate goes up to 55%). Not to mention the income tax increases. ...
  • Tennessee Estate Planning: Tax Exemption Changes in 2012, 2013 and After

    Although this is the North Carolina Estate Planning Blog, much of what I blog about applies to folks all over the country. Since I am licensed in Tennessee and have clients there, I thought it was appropriate to report on these important changes in Tennessee transfer tax. ...
  • Tax Changes and Limitations on Dynasty Trusts

    Dynasty trusts, which help families legally avoid estate taxes and preserve assets for heirs of future generations, are the target of new legislation that could significantly limit their value. ...
  • Singles & Couples: Muni-Bond Tax Breaks Disappearing–Maybe

    What may become part of the “fiscal cliff” drop—and if not, it will be on the 2013 agenda—is the elimination of municipal-bond interest tax breaks. Muni-bond taxes help cover the costs of local utility services, community parks, and more....
  • It’s Not Too Late to Use Your $5 Million Exemption!

    Estate Planning attorneys all across the country are frantically working to help their clients utilize the $5.12 million gift and estate tax exemption before it disappears at year end. ...
  • The Fiscal Cliff Cometh – Things to Do By 12/31/12

    Ben Franklin said that the only two certainties in life were death and taxes. Tax exemptions and rates, however, are subject to change, and unless Congress acts soon, taxes are going up significantly next year. ...
  • IRS May Allow Late Filing Relief for 706 for Portability

    According to Robert Keebler, CPA, the IRS may allow a late filed Federal Estate Tax Return, Form 706, if the only reason for filing the return is for the surviving spouse to claim the deceased spouse’s unused estate tax exemption. The current exemption is $5 million, but it is scheduled to reduce to $1 million in 2013....
  • Last Minute 2012 Financial Move

    Last week the United States Treasury proposed new regulations for Charitable Remainder Trusts (CRTs), which affects the tax liability of distributions in 2013. ...
  • 3 Tips For Succession Planning

    Estate plans and trusts preserve assets accumulated over a lifetime and distribute them to beneficiaries, but what happens to a business when the owner or key executive departs to another company, becomes ill, or passes away? ...