This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2841. Time may be of the essence for married taxpayers who want to protect their assets and preserve their estates. The result of the January 5th Georgia runoff election for two hotly contested US Senate seats could severely limit opportunities for…
This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2842. At this point in 2020, all we know for sure is that nothing is certain. Practitioners would do well to forewarn clients how these uncertainties might create more chaos for them, their finances and their estate plans. Even after the…
This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2845. 2020 is grinding to a close with uncertain federal elections pending the Georgia Senate runoff races, and experts warning that a new COVID wave could cause more economic disruption for the United States in the coming months until a vaccine…
This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2846. 2020 may very well be the best opportunity to implement planning strategies to mitigate federal estate taxes and accomplish estate, asset protection and other objectives. The Biden administration is expected to seek increased COVID stimulus in order to address the…
This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #2858. Gift tax returns are often incredibly complicated with layers of issues, technical decisions, and disclosure requirements. 2020 created additional and sometimes novel gift tax reporting considerations. This discussion underscores the imperative for collaboration among the estate planning practitioner and the…
This article was originally posted on Steve Leimberg’s Estate Planning Email Newsletter as Archive Message #1880. Portability has been trumpeted by some in the media as one of the most significant estate planning benefits of The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“TRUIRJCA”), which was created in Sections 302(a)(1) and 303(a)….
Originally posted on Forbes.com While walking through the dark tax forest, are you scared from the noises coming from Washington? Are any taxing animals out there who might be interested in eating things like, um, your income, your assets, your life insurance, and more? Yeah, there are probably taxing lions, and taxing tigers, and…
Originally posted on Forbes.com Some Background: Senator Bernie Sanders with others have proposed a tax bill “For the 99.5%” implying that only the top ½ percent of the wealthiest Americans will bear the tax burden. But the reality is many more taxpayers may be affected. Some of the changes in the Sanders bill…
Originally posted on Forbes.com Introduction: President Biden released his administration’s proposed budget for fiscal year 2022. While spending focuses on infrastructure, clean energy, etc., it includes a host of proposed tax changes affecting individuals and corporations. Some of the significant tax changes that many taxpayers hoped wouldn’t happen, like Senator Van Hollen’s taxation…
Originally posted on Forbes.com You Might Need to Plan Now Even if You’re Not Really Wealthy For wealth folks reviewing and beefing up insurance coverage and planning before income and estate tax rates may rise may be an obvious step. But, urgent planning is needed by many even moderate wealth taxpayers now! Very…