Submitted by Sue Stevens on Wed, 06/04/2014 - 3:00pm
The American Taxpayer Relief Act (ATRA) lets you leave millions to heirs tax-free. Our first two articles examined ATRA and various trusts. Here are some of the remaining tools you can use to bequeath assets and avoid a big estate tax bite.
You still need powers of attorney. Essential tools for managing disability, these are inexpensive and simple to set up.
Submitted by Sue Stevens on Mon, 06/02/2014 - 3:00pm
Our first of three articles looked at your estate planning considerations now that the American Taxpayer Relief Act (ATRA) is law and you can leave $5.34 million ($10.68 million for married couples) to heirs tax-free. Other kinds of trusts offer you various ways to leave money and save taxes.
Submitted by Sue Stevens on Wed, 05/28/2014 - 12:00pm
You can stop worrying about federal estate tax thanks to Congress passing the American Taxpayer Relief Act (ATRA) last year. Here’s what you still better think about, though, before bequeathing your estate.
Submitted by Ray Ferrara on Fri, 11/23/2012 - 12:00pm
The jockeying has begun in Washington among President Barack Obama, the Republican-controlled House and the Democratic-led Senate on taxes. How this plays out will affect us all. What should we look for?
Submitted by Larry Light on Fri, 09/07/2012 - 12:00pm
If you are thinking of making a substantial gift, you can save a lot of money in taxes if you act soon. The limits on what you can give tax-free may expire in January.
“It’s no secret the recipient isn’t the only one benefiting from a monetary gift,” notes Amy Jo Lauber, president of Lauber Financial Planning in Buffalo, N.Y. “True, you feel good doing something nice for someone else.” But, she adds, giving money may also reduce your gross taxable estate or transfer income-producing assets to a beneficiary in a lower tax bracket.
Submitted by Ron Howard on Tue, 07/31/2012 - 12:00pm
Maybe you can’t take it with you, but under the Tax Relief Act of 2010, you can give it to your spouse. In this case, “it” isn’t your assets but rather the portion of your federal estate tax exemption that’s not needed to shield your property from estate tax.
Under the old rules, any part of your exemption not used at your death was lost. Now, the exemption is “portable,” and that creates estate-planning opportunities – at least through 2012. Next year, this new tax break is scheduled to expire.
Submitted by Eric Brotman on Tue, 07/31/2012 - 9:00am
Despite record low mortgage rates, purchasers should be cautious about putting too much money into real estate. In my opinion, it’s not a great investment and seldom has been.
Owning your own home – or owning several homes – has long been the American dream. Your home may be your castle, and even your biggest asset, but is it a good investment? Although there are significant psychological benefits to home ownership, the hidden truth is that housing is rarely the best use of your money from a strict investment viewpoint.