Estate Tax

Don’t Fall Off the Fiscal Cliff Without an Estate Plan

Posted on: October 21st, 2012
Estate Planning Awareness Week comes during the final quarter of the year, just before the New Year shift known as the “fiscal cliff.” What is the fiscal cliff?...

Estate Tax Exclusion Amount for 2012 to Increase to $5,120,000

Posted on: October 20th, 2012
The IRS announced today that the amount exemption from estate taxes will increase next year. For an estate of any decedent dying during calendar year 2012, the basic exclusion from estate tax amount will be $5,120,000, up from $5,000,000 in 2011....

Wealth Transfer Opportunities Targeted

Posted on: February 14th, 2012
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. ...

IRS Procedure for Requesting Extension for Late 706

Posted on: February 12th, 2012
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), ...

Estate and Gift Tax Bill Introduced in House

Posted on: November 23rd, 2011
On November 17, 2011, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced HR 3467, the “Sensible Estate Tax Act of 2011”. Along with changes to the estate tax, the bill includes many of Obama’s 2012 Fiscal Year Proposals with regard to gift and GST taxes. The bill includes the following:...

Democrats to Introduce Bill to Lower Estate Tax Exemption to $1 Million

Posted on: November 17th, 2011
This news courtesy of Financial Advisor Nat Harris (emphasis added): House Democrats plan to introduce a bill today to extend and overhaul the estate tax beyond 2012 in the opening salvo of what is likely to be a long and politically-charged debate next year....
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