In 2008, Jane Bissler, a counselor in Kent, Ohio, approached her then-87-year-old mother about organizing her documents. Because her mom was a widow with relatively simple finances and two homes, Ms. Bissler, 57, says she figured it would be a relatively simple [more...]
Jul 122011
Jul 052011
The applicable exclusion amount is the amount that can be sheltered from federal gift and estate tax by the unified credit. The applicable exclusion amount (the basic exclusion amount in 2011 and 2012, see more below) is $5 million in 2011 and [more...]
Introduction The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) was signed into law in December 2010. This law contained dramatic changes to the federal gift and estate tax and the federal generation-skipping transfer (GST) [more...]
Jun 302011
What is the applicable exclusion amount? The applicable exclusion amount is the amount that can be sheltered from federal gift and estate tax by the unified credit. In 2011 and 2012, the applicable exclusion amount is equal to the sum of the [more...]
Jun 302011
Looking ahead Without further legislation in the interim, the provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 are scheduled to sunset, or expire, on January 1, 2013, at which time tax rates and exemption amounts return [more...]
Apr 032011
Family Limited Partnership (FLP) or Limited Liability Company (FLLC) A properly formed and maintained FLP or FLLC can facilitate the transfer of your business to the next generation, protect assets from potential creditors, and minimize income, gift, and estate taxes. An FLP [more...]
Estate Planning–An Introduction Since incapacity can strike anyone at anytime, all adults over 18 should consider having: A durable power of attorney: This document lets you name someone to manage your property for you in case you become incapacitated and cannot do [more...]
