I try very hard not to be political in these blog posts. I also try not to speculate on what the government may or may not do as they frequently compromise in an unpredicted manner. However, I would be remise if I didn’t talk about the fact that Joseph Biden is ahead in most of […]
The IRS has released new regulations that have extended the due date for filing Form 8971 to March 31, 2016. Executors and administrators of estates that are required to file a federal Form 706 Estate Tax Return are now also required to file Form 8971 and report the basis of the assets included in the […]
For many years the IRS and beneficiaries of estates had a problem figuring out how much gain should be imposed on an inherited asset because the beneficiaries did not know the basis. The IRS did not like the fact that frequently the value reported by an Executor was not the value reported by a beneficiary […]
Victims of a personal injury have many burdens to bear. Most people can expect to deal with the stress of a lawsuit, loss of income, coping with injuries and physical therapy. However, one item that many people are not prepared to deal is a sudden influx of money from a settlement or trial verdict that good personal injury attorney […]
I got a little chuckle out of this article: http://www.delmarvanow.com/article/20120701/NEWS01/207010302/Maryland-law-changes-tax-hikes-take-effect. For all of New Jersey’s tax problems, at least we don’t charge people for flushing the toilet… yet! Thanks to the Wills, Trusts & Estates Prof Blog for bringing this to my attention.
Often times, a person who is on his or her deathbed will make gifts to family members in an effort to reduce the potential taxes owed. For transfers to anyone other than a charity, making gifts in a way that minimizes taxes is actually a very complex process. In deciding whether to make a gift, […]
Many experts think this is a great time to buy a new house, especially if you are a first time home-buyer. Interest rates are low and home values are depressed. The problem, however, with this credit crunch is having enough cash for the down-payment. There are programs out there so that you can buy a […]
Some of you may have seen these scary statistics: According to the U.S. Small Business Administration, 90 percent of the 21 million small businesses in the U.S. are family-owned, but less than one-third of family-run companies succeed into the second generation, while only half of that make it to the third. Most often, the lack […]
BRIEF OVERVIEW OFJAPANESE INHERITANCE AND GIFT TAXESvs.AMERICAN ESTATE AND GIFT TAXES NOTE: This information has been updated. The new post can be found at: http://willstrustsestates.blogspot.com/2014/08/japanese-inheritance-tax-vs-us-estate.html I. Estate Taxes A. America 1. Citizens and Permanent Residents a. Tax on Worldwide property (credit for taxes paid to foreign countries)b. Exemption of $2,000,000 in 2006; $3,500,000 in 2009; […]