There is an interesting article in the Wall Street Journal today on taking advantage of the temporary gift tax exclusion. The gist of the article is that affluent families are “holding off” from gifting in some circumstances out of either (a) desire to not undermine the work ethic of their children or (b) fears of . . . → Read More: Taking Advantage of Temporary Gift Tax Exclusion
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It is now all but certain that we will have an estate tax in 2011, and it will be harsher than any other system we have had before in this regard since 2001 , with the estate tax lifetime exclusion reduced to $1 million and the top tax bracket at 55%! Furthermore, as of this date there . . . → Read More: Death Tax Coming Back with a Vengeance in 2011! Purchasing real estate has been a challenge the past several years due to various reasons. One of the biggest reasons being the inability to get credit from a traditional bank. With the number of intelligent and creative people involved in the real estate profession, different methods and creative ways of obtaining financing have been developed to allow . . . → Read More: Can’t Get Financing – What About a Wrap? There is an excellent article today in the NY Times about transferring one’s residence to loved ones in order to reduce applicable estate taxes. Although there are no estate taxes this year (UNLESS Congress passes a law retroactively — a lower percentage possibility BUT still possible), next year the tax returns with a voracious bite with a . . . → Read More: New York Times Article on Transferring a Residence for Estate Tax Planning The loss of a loved one is a traumatic event, and if you have been designated in your recently deceased loved one’s will or trust as the executor of their estate or trustee of their trust it is three times as hard — you are not only grieving for your loss but have to begin navigating . . . → Read More: Ten Item Checklist for Probate or Trust Administration for BEFORE you see an Attorney There is nothing that your attorney cannot figure out given enough time. But that’s expensive. The client who appears for a meeting with a shoe box full of documents in disassociated condition will pay more in attorneys fees just to get organized or to have the attorney organize their files. I just met with a client who . . . → Read More: Don’t waste money on your attorney! I recently listened in on a teleconference sponsored by UBS on the current tax situation and the speakers had some interesting observations about that dysfunctional group known as Congress. It is very quiet in Washington DC after a busy summer since everyone is working on reelections for November 2nd. Their viewpoint was that it looks like about . . . → Read More: Taxes and Congress–Update On Friday, October 1st, Governor Schwarzenegger vetoed SB 1178, which would have extended anti-deficiency protection under Section 580(b) to include refinance loans which replaced loans which were qualified purchase money. The bill would have prevented lenders from obtaining deficiency judgments against homeowners living in their homes and who default on their loan which was either the original . . . → Read More: Extension of Nonrecourse Protection vetoed by Governor Marriage is of course both a spiritual and financial union. Telling your significant other that you want a prenuptial agreement (“prenup”) can be awkward and getting it done potentially even more awkward. Here are some tips to remember to make the path easier: 1. EVERYONE who gets married has a prenup. The difference is that the State . . . → Read More: Ten Simple Things High Net Individuals should know when considering a Prenup A common issue that I see with new business owner clients is the lack of a succession plan. No it’s not so fun to contemplate death but consider the following: 1. Will your spouse be able to depend upon the benefits of your business if you died tomorrow? 2. What about your minor children or other dependents? 3. Who will . . . → Read More: If you died tomorrow could your family still depend on your business? |
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