September 8, 2016 will mark the 100th anniversary of the Federal Estate Tax. The Federal Tax taxes your assets when you pass on and they move from one generation to the next. There is no tax under the exemption amount, but once you get above that amount, there is a Federal Estate Tax. In the... [Read More]
Category: Federal Tax Exemption
The Hand of Tax
A good way to help explain an overview of taxes is to look at the five fingers of your hand. There is an “Income Tax” when you earn the money. There is a “Sales Tax” when you purchase an item. There is a “Property Tax” when you purchase some things and hold it. There is... [Read More]
The Tax Man Cometh
Again this President seeks to penalize those who have been successful financially. The new proposal from the White House seeks to limit annual gifting to $50,000.00 dollars total per year. Instead of limiting it per individual they’re seeking to limit it to a total of $50,000.00 dollars in the year beginning in 2015. That may... [Read More]
Portability Remains in Estate Planning
“Portability” is a concept that the IRS allows wherein by filing an Estate Tax Return or IRS Form 706, one may preserve the unused Federal Estate Tax Credit of the first spouse who passes on. The Estate Tax is due when the second Spouse passes on. Each spouse has a Unified Credit amount allowed by... [Read More]