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! 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 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 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? There is a dedicated section of the Wall Street Journal today focusing on the estate tax and what Congress should do. The central argument against the estate tax is that your loved ones should be able to receive what you have already earned and paid numerous levels of tax on. The counterargument follows along the lines that . . . → Read More: What Should We Do with the Estate Tax? One of the most striking features of our economic times is the sheer volume and intensity of change occuring in the business world, and no where is this more striking than with respect to owners of closely held businesses. Both negatively and positively, businesses are evolving or unfortunately unwinding in the face of both economic hardship as . . . → Read More: Buy-Sell Agreements and the Current Economy |
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