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]
Category: Estate Taxes
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]
What Is the Fiscal Cliff?
On December 31 the tax cuts across the board (which where implemented in 2001, while George W. Bush was president) will expire and rates will rise on almost every tax level on almost every type of tax and every type of income earned. Also, as part of a budgetary settlement between the parties, there is... [Read More]
Your Taxes, Your Vote
The outcome of the national and state elections will determine what is likely to happen with the Tax Code in the immediate future. It is fascinating that expert advisors are already setting up on-line and telephone continuing education for immediately after the election on the anticipated new tax codes. They already have a pretty good... [Read More]
Pending Elections Will Dramatically Impact Both State and Federal Taxes
The Bush Tax Cuts are set to expire on December 31, 2012. There is a bill in the House of Representatives by the Republicans to extend that for one year. If it is enacted before December 31, it would extend the tax cuts for one year. If it is not, the tax cuts would disappear... [Read More]
Regardless of the Election
Regardless of the outcome the federal and state elections, Probate Court Costs in North Carolina can be up to $6,000.00 per person or $12,000.00 per couple. Administrative costs, much of that including attorney’s fees, will still average 5% to 7% of your assets that move through Probate Court. The average time to move through Probate... [Read More]
What About the Election?
The outcome of the Presidential Election is unlikely to resolve the Tax Code in 2013. As most people know, the Bush Tax Cuts of 2001 are set to expire on January 1, 2013. It has been long anticipated that there would be a one year extension of those tax cuts. The Republicans in the House... [Read More]
You Have to Know the Truth
If you do not know and understand the truth about how different estate planning vehicles work and are administered, you cannot make good, informed decisions on what you want. If you do not understand that certain estate planning vehicles push your assets through Probate Court, the result will not be what you or your loved... [Read More]