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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...
Are Joint Trusts going to be the planning vehicle of the future?
I am currently attending an ACTEC (American College of Trusts and Estates Counsel) seminar in Fort Worth and joint trusts are now a hot topic. When planning to use the estate tax exemption in the past we used separate trusts for making sure each spouse used their...
Does Anyone Know Your Digital Asset Information? Should They?
All of us are well entrenched in the digital world today. We have online accounts, passwords, log-ins, online bank accounts, etc etc. Have you ever thought what would happen if you died or if you became incapacitated? Many people never think of the issues that will...
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...
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...
Read the Fine Print of Your Beneficiary Designation Form!
When an individual opens an individual retirement account (“IRA”), the beneficiary designation form must be completed. If married, many individuals will name their spouse first and then their children, if any. While this designation may or may not be good planning,...