What about heirlooms? You can make specific provisions for family heirlooms and specialty items in your Estate Plan. Many times the family heirlooms or special personal items are considered the most important or emotionally valuable part of any Estate. In other words, your Grandfather’s watch that he wore every day may be more important to... [Read More]
Category: Estate Planning
Estate Planning is not really about taxes.
Estate Planning is really about the family and not about taxes. When I have asked my clients what their primary concerns are, their first answer is they want to protect themselves in the event of physical and mental disability and protect the surviving spouse in the event of physical or mental disability and in the... [Read More]
President Trying to Raise Taxes Again
I told you so! Most thought that the tax raises that went into effect in the American Taxpayer Relief Act of 2012 would be the end of the raised taxes. The Republicans agreed to raise taxes without receiving any concessions in spending from the White House in negotiating over the American Taxpayer Relief Act of... [Read More]
2013 ESTATE TAX RATES
Under the 2012 Tax Law, the Federal Estate Tax Exemption remains high for 2013. For 2013, the Federal Estate Tax is not due until the total value of the Estate is over $5.25 million. Last year the number was $5.12 million, but has gone up with the Cost of Living Inflation Index. The top Estate... [Read More]
2013 INDIVIDUAL INCOME TAX RATES
2013 Tax Rates have moved based upon the 2012 Tax Law. Individuals earning over $400,000 will pay at a rate of 39.6%. They will pay a higher Capital Gains and Dividend Tax of 20%. The payroll Medicaid Tax on Income and Dividends (Obama Care Tax) is 3.8% on individuals with a net investment income of... [Read More]
The Tax Opportunity Door Is Closing
The Bush Tax Cuts are scheduled to expire on December 31st. We know from what we are hearing in negotiations between the Speaker of the House and White House, that taxes are going up. Whether it is the expiration of the Bush Tax Cuts or the implementation of a new Tax Code, whether this year... [Read More]
Merry Christmas, Seasons Greetings & Happy New Year
We want to wish everyone a Merry Christmas, Seasons Greetings and a Happy New Year. My dad said that “The older you get, the faster time moves” and he was not kidding. 2012 has flown by. The year had many highs and lows and they’re will be much change in 2013. We’re thankful for all... [Read More]
What is AMT?
The Alternative Minimum Tax is a Tax Law that was put in place years ago to stop people who were “Wealthy”, but were not paying income taxes due to deductions. The “Wealthy” included anyone making approximately $45,000.00 per year and up. When Congress created the Alternative Minimum Tax they “forgot” to put in a “cost... [Read More]
Why the need to update Estate Plans
Your Estate Plan needs to be regularly reviewed and updated. Three major parts of your Estate Plan are constantly moving. The first is the relationships with the people who have roles as Trustee, Personal Representative, Health Care Agent and Financial Power of Attorney and other roles. Those people in those roles may need to be... [Read More]
Special Needs Class Well Received
Steve’s continuing education class for professionals on special needs planning was well received by the CPAs, Insurance and Financial Professionals in attendance. Some of the information received that was most meaningful to the attendees included: “The ability to keep the challenged child on SSI and Medicaid if properly done.” “Special Needs Trusts clarification.” “The relationship... [Read More]