Month: October 2019
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...
NEW 2017 Relevant Estate Tax Planning Numbers
Each year certain figures are updated for inflation. The following are a few of the relevant 2017 estate tax and estate income tax numbers: 1. The highest tax rate for estate and trust income is 39.6% and starts at income of only $12,500. 2. In contrast, the highest...
Planning for Increased Estate Taxes in 2013
With the scheduled decrease of the estate tax exclusion from $5.120 million to $1 million on January 1, 2013, many of you may have taxable estates. Without a tax strategy and the right trust arrangement, your heirs could see estate taxes devour up to half of their...
Be Careful With Investments In Your IRA!
For many individuals, most of their wealth is in their individual retirement account (“IRA”) and the IRA can provide a great source of cash for investments such as real estate. However, the IRA owner has to beware of Section 408(e)(2) and Section 4975 of the Internal...
STOLI is NOT Only a Vodka!
To obtain a life insurance policy on an individual’s life, the life insurance benefits must be payable to the individual insured or their personal representative or to any person having an “insurable interest” in the insured. For example, I can buy a life insurance...