Last week I wrote about the uncertainty surrounding whether and how the federal estate tax might be extended into 2010 and beyond. As of January 1st without further legislation being enacted the federal estate tax disappears for one year, only to be replaced with a capital gains tax system that is difficult for lay people [...]
If someone dies when their home, residence or other mortgaged property is “under water”, what should the personal representative of the estate do? Should they continue to make the payments on the property to keep it current until it sells? What happens if the sales proceeds are not enough to cover the mortgage note? Should [...]
Good riddance, many of us say, to 2009. But with the end of the year inevitably come questions about gifting and taxes. Most gifts to our loved ones are gift tax free, but you should know some basics before gifting anything of value to your children, grandchildren and other loved ones.
The most that you can [...]
“David” arrived at my office with a dilemma. “I’ve built my business from the ground up,” he told me, “worked it for forty years. I want to retire but two of my three children work in the business and are dependent on it for their livelihoods. I don’t want to work there anymore, but I [...]
Did you know that with the exact same assets and the exact same beneficiaries, your estate plan may pay out significantly different amounts to your beneficiaries? In other words, the structure of your estate plan can make all the difference in the world to how much Uncle Sam gets as opposed to how much your [...]
Much has been made of Barack Obama’s pledge to reduce taxes on 95% of American citizens while at the same time allowing the Bush tax cuts favoring the wealthiest Americans to expire. Ari Fleischer, former press secretary under President Bush editorialized in a recent Wall Street Journal opinion page that it is unhealthy to increase [...]
John C. Bogle, founder of the Vanguard Group lectured a Columbia University audience earlier this month and what he said was both surprising and illuminating. His lecture focused on the problems leading up to our current financial crisis. While pointing a finger at the usual suspects (lenders, mortgage brokers, regulators, Wall Street traders, borrowers), he [...]
I have had the recent honor of co-authoring a nationally published book entitled WealthCounsel Estate Planning Strategies: Collective Wisdom, Proven Techniques. Several attorneys throughout the country contributed to its production. My chapter is devoted to understanding trust administrations.
Often I’m asked to recommend an estate planning book that covers topics my clients are attempting [...]
Despite our rough economy, there are many who have moved here from another state and either have become Florida residents or are considering becoming a resident.
Florida residency offers several advantages. Since Florida does not have a state income tax, the tax on unearned income that may have occurred in the former home state is [...]
My retired law partner John Sheppard used the phrase “getting the oxcart out of the ditch” to describe his theory on why not to procrastinate tackling difficult problems. Along with the multitude of government bailouts, loans and other measures designed to get our economic oxcart out of the proverbial ditch one of them may actually [...]