IRA Saves A Missed Alternate Valuation Election

When an estate exceeds the applicable exclusion amount (the “Exemption”) of $5.490 million, a taxpayer is required to file a Form 706 for the decedent’s estate. Under the Internal Revenue Code (the “Code”), assets are valued as of the date of death. However, the Code provides that IF the value…

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Can Reliance on Attorney Excuse Executor From Tax Penalties?

If an estate is taxable, then Form 706- United States Estate (and Generation-Skipping Transfer) Tax Return  (the “return”) must filed nine months after a decedent’s date of death (15 months if an extension is granted). What happens if an attorney advises the executor that the attorney will take care of the return, but then the return is filed late?…

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End of Year Thoughts

At year-end we often think about what is important to us.. family and friends. First I want to thank each and every one of you for either being a client, personal friend, professional friend or family. I love helping people and if this blog has helped one person I have…

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IRA Late Rollovers… Are They All Treated the Same?

Section 408(d)(3)(A) of the Internal Revenue Code (the”Code”) provides that you may take a distribution from your individual retirement account (“IRA”) without paying tax IF you roll over the same amount to the IRA within 60 days of the withdrawal. Further, you can only do one rollover a year. Someone…

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Updated 2016 Transfer Tax Numbers!

The inflation adjustments for 2016 numbers are as follows: 1. Exclusion amount for gifts and estates of decedents dying in 2016- $5,450,000 2. Generation Skipping Transfer Tax exemption- $5,450,000 3. Annual exclusion for gift tax- $14,000 4. Annual exclusion for gifts to non citizen spouses- $148,000 5. Special use valuation…

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Can a Guardian Amend a Ward’s Revocable Trust?

When a person (the “grantor”) creates a revocable trust, the grantor can generally amend or revoke the trust at any time prior to the grantor’s death. What if the grantor becomes incapacitated? Can the guardian of the grantor amend the trust? To find these answers you must read the trust.…

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Linda on a manatee rescue…fun clips

As some of you may know I volunteer on the Clearwater Marine Aquarium stranding team. I thought you all might enjoy a change of scenery from our normal tax and law notes so enjoy a clip of a successful manatee rescue and release! http://www.wfla.com/story/25749818/fwc-trying-to-rescue-manatee-stuck-in-st-pete-bayou   and   http://tbo.com/pinellas-county/fwc-crews-rescuing-manatee-from-st-pete-spillway-20140611/   GENEROSITY IS A…

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