February 2012 Posts

  • Stretch IRAs No Longer on the Chopping Block

    The the provision that would limit stretch IRAs (I blogged about it yesterday) has been removed from the proposed Highway Bill. Good news! See this article on AdvisorOne.com ...
  • No More IRA Stretching?

    Senator Baucus’ proposal to do away with stretching for most inherited IRA has not gone away as was anticipated earlier this month. A recently introduced Senate bill, S. 1813, the Highway Investment, Job Creation, and Economic Growth Act, ...
  • The Dirty Dozen – 12 Tax Scams to Beware of in 2012

    The IRS has released its annual list of tax scams for taxpayers to watch out for – review this list to help educate and protect yourself. Believe it or not, the IRS wants to help!...
  • Wealth Transfer Opportunities Targeted

    Wealthy folks looking to transfer assets to younger generations in tax-advantaged ways should act now, as the Obama administration is seeking to limit several favorite techniques of estate planning attorneys. ...
  • Obama’s 2013 Revenue Proposals

    The White House has issued its 2013 fiscal year revenue proposals, with estate and gift tax changes consistent with administration’s earlier stance on those rules....
  • IRS Procedure for Requesting Extension for Late 706

    Beginning in January 1, 2011, the Internal Revenue Code provides for portability of the estate tax exemption between spouses. According to issued guidance so far from the IRS (Notice 2011-82 and IR-2011-97), ...
  • Senator Baucus Proposes Big Changes to IRAs

    I’ve been a big proponent of planning to preserve the ability to "stretch" inherited IRAs over the life expectancy of the beneficiary, which allows for tremendous tax-deferred growth. In what came as a big surprise,...
  • Tax Related Duties of an Executor

    I just came across this article, Closing Down the Estate, on SmartMoney.com. It gives a good overview of what an executor is responsible for from a tax perspective, but is by no means exhaustive. Since Executors can be personally liable for certain tax penalties, they should make sure to engage an experienced tax attorney or CPA to ensure that everything is done timely and correctly. ...