Category - Estate Tax

Estate Planning Checklist (The Motley Fool article)

December 29, 2018

You need an estate plan. This is true even if you don’t have a lot of assets. It’s also true if you’re young, or if you don’t have close family member. Estate planning means preparing for the inevitabilities of life. People get sick or hurt, and you need a plan in place to determine what […]

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Tax reform update: postcard tax filings and sunset legislation

December 18, 2017

With the expected vote on and passage of the Tax Cuts and Jobs Act of 2017 (a/k/a TCJA and Trump Tax Cuts) later this week, perhaps it is time to review how closely the end-result matches some of the lofty promises made earlier in the process. By the way, I consider myself very much an “independent”

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Estate tax to stay or go? Who cares?

December 13, 2017

As of this morning, the word out of Washington is that the Republicans in the House and the Senate have agreed on a deal for tax reform. We should know more details in the coming days. The fate of the estate tax is still among the unknown points, but many believe that the estate tax

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Tax reform bill passes Senate. One last hurdle remains

December 2, 2017

Early Saturday morning, the Senate Republicans pushed through their version of the tax reform bill by the closest of margins–i.e., a 51-49 vote. Job done? Nope. Now the Republican leaders from the House of Representatives and the Senate must get together to reconcile the differences between the bills each chamber of the legislature passed. Below

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Tax reform will be a slow process (no surprise)

October 13, 2017

Senator Ted Cruz has given fair warning that tax reform may not be coming quite as quickly President Trump wants, and some earlier reports indicated. The word out of Washington today is that Cruz believes that new tax reform legislation will get done “late this year or early next year.” We know that it’s not […]

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Death of the death tax? what would repeal of estate tax mean for you and me?

January 19, 2017

The Republicans have been talking about and working on repeal of the federal estate tax for years. Now that Trump is on his way to the White House, there are many who believe that the federal estate tax (also known as death tax) will soon be a thing of the past. In theory and principle, […]

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IRS Wins $388 Million in Tax Court (Forbes Article)

July 3, 2015

The IRS recently won a $388 million settlement from the estate of Detroit Pistons owner Bill Davidson. While this may seem to be yet another case of the ultra wealthy not paying “their share” of taxes during life and then being required to contribute a larger share after their death, there are also several valuable lessons […]

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Estate Tax Update: don’t get too comfortable with current levels of estate tax…

May 13, 2015

…at least not if President Obama and his administration have their way. As part of the latest 2014 budget proposal, the Obama administration is seeking to turn back to clock to 2009 regarding the maximum amount of assets permitted to pass free of estate tax, gift tax and GST. There are many important aspects to this […]

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The Estate Planning Equivalent of Sticking a Fork in a Toaster

February 9, 2015

For the transfer of highly-appreciated assets, such as real estate and stocks, it is rarely wise to give such assets to individuals during life.[1] Everyone who sees this picture of a cartoon bear sticking a fork in a toaster has the same thought, namely “that is REALLY dumb!” And yet, a surprising number of people […]

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Gift Tax Basics Part 1–Uncle Sam May Benefit From Your Gift Giving

November 25, 2014

Gift tax is a real thing and not knowing is NOT a valid defense or an excuse that the IRS will accept. Next April, when you are filing your income tax return, don’t forget to also consider “Form 709”, which is the gift tax form. Is everyone required to file Form 709? Nope. However, there […]

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