After spending most of 2010 procrastinating, Congress finally decided to throw a wrench into estate planning in mid-December by enacting the Taxpayer Relief Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Since then, all the estate planning professionals have been scrambling to make sense of the new law and ferret out the implications it has for taxpayers now. Some of the effects of this law are summarized in a few bullet points below:
read more…With the recent increase in the lifetime generation skipping tax exemption to $5 million, effective for 2011 and 2012, you may be thinking that there is no way that this could apply to you (or your spouse). While this may only affect a smaller portion of taxpayers than before for those with potential exposure, let me explain how this works, as simplistically as possible.
read more…We’ve made it well past the trust filing due date of April 15th, and in reflecting back on what we noted with our trust clients, I thought it would be helpful to educate our trustees as to why we ask for certain information in preparing your trust returns.
read more…The previously issued proposed regulations issued in July 2007 regarding trust investment advice costs have been withdrawn and new proposed regulations have been issued.
read more…Ohio S.B. 117 signed by Governor Kasich will take effect in March 2012. One of the more interesting changes made by this bill is in regards to trustee duties with respect to life insurance as a trust asset.
read more…By Barb Theofilos, CPA
read more…The IRS issued temporary and proposed regulations providing guidance on the requirements for electing portability of a deceased spouse’s unused exclusion (DSUE) and the surviving spouse’s use of the DSUE amount.
read more…You’ve received an e-mail from a foreign lawyer telling you that a long-lost relative has died and that you are the only heir. You are entitled to millions from the deceased’s estate. Can this be possible?
read more…
Posted by: Gary M. Sigman, CPA, MTax, AEP®
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