A Second Chance to Double Your Tax Exemption
CunninghamLegal – The Living Trust Lawyers
The IRS just issued Revenue Procedure 2017-34, which, for a limited time, has extended the deadline to file for portability elections. The American Taxpayer Relief Act of 2012 (enacted in 2013) provided people with the process of “Portability” where a surviving spouse “inherits” the unused Federal Estate Tax Exemption of their predeceased spouse...
The 5 Golden Rules Of Lending Money To Your Adult Children
When you think about the price of having kids, the costs that come to mind may include things like child care, camp, braces and college tuition.
What probably doesn’t spring to mind are mortgages, car payments or personal loans.
The reality, however, is that your bank account will likely continue to be tapped long past the day your kids turn 21. According to a 2015 Pew Research Center report,...
What could happen if you write your own living trust
Readers often ask me about do-it-yourself estate planning. Lawyers want to know how to discourage clients from using books or software and websites that spew out documents for free or for a fraction of what they charge. Meantime, consumers ask, “What’s wrong with that?”
The trouble with do-it-yourself planning is that even if your situation seems simple, there are many oddball things a layman...
Facebook’s Mark Zuckerberg to use CLLC
The Daily Beast, Mark Zuckerberg’s Charity Windfall
In a Securities and Exchange Commission filing on Tuesday, Facebook founder and chief executive officer Mark Zuckerberg announced that he would gift “substantially all of his shares of Facebook stock” to “further the mission of advancing human potential and promoting equality by means of philanthropic, public advocacy and other activities for...
Estate Tax Exemption for 2016
Good News!
Recently, the Internal Revenue Service (IRS) announced the new limits for estate and gift taxation. These are the amounts that you can give tax free during life or at death in your will or living trust. Unfortunately, the annual gift exclusion stays at $14,000 – the amount that you can give (per person, per year) without having to file a Form 709 gift tax return. This means a...
Portability – The great estate tax break
You can’t take a tax break with you, but it’s becoming easier to leave to your beneficiaries. The IRS released final rulings detailing an estate and gift-tax break for married couples, known as “portability”. It allows a married spouse to pass nearly $11m in assets to heirs, free of estate tax. Without this, couples would only qualify for one exemption, as opposed to two.
The exemption,...